Parliament passes revised National Budget

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.

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