Parliament passes revised National Budget
The parliament has approved the revised National budget for the fiscal year 2014/2015 that was tabled by finance Minister, Amb. Claver Gatete last month.
The budget adjustment catered for an increase of Rwf 6.4 billion pushing the budget to Rwf 1759.6 billion from Rwf 1753.3 that initially approved by parliament in July 2014 to further boost implementation of the outlined projects under the country’s second development strategy.
“The approved financing adjustments will ensure implementation of the second Economic Development and Poverty Reduction Strategy (EDPRS2) stays on track,” a statement from the Ministry read in part.
However, the approval came with a slight adjustment that saw an increase of Rwf 2.7 billion from the earlier prosed 6.4 billion bringing the adjustment close to Rwf 9.21 billion pushing the total budget resources to 1762.3 billion.
The increase according to Minister Gatete was as a result of the grant provided by Sweden International Development Agency (SIDA) which came after the revised budget proposal had been tabled in parliament.
“The funds will be used to support National Employment Program through creation of additional job opportunities,” the Minister noted
The government under its development strategy that aims at leapfrogging the economy into middle income by 2020, set to create at least 200,000 off farm jobs every year to boost employment mainly among the youth.
The Minister earlier told Parliament that the adjustments caters for an increase in domestic revenue resources by RWF 11.9 billion and an increase in domestic financing that is accrued from domestic public borrowing of Rwf35.1 billion.
Under the revised budget, the Non-tax revenues were also rose to Rwf 102.9 billion up from Rwf 78.8 billion, with receipts from peace operations the country is engaging on increased to Rwf 8.9 billion with local government fees that witnessed a reclassification of its portion rose to Rwf 15.2 billion.