Gatete unveils Rwf1.768 trillion Budget

Finance and Economic Planning minister Claver Gatete has presented to both chambers of Parliament the country’s Budgetary Estimates for the Financial Year 2015-16. Gatete’s Rwf1.768 trillion budget represents an increase of Rwf5.8 billion over the budget for the current financial year, 2014-15, which ends June 30. The proposed budget, themed “Infrastructure Development for Socio-Economic Transformation,” will be financed domestically at 66 per cent, equivalent to Rwf1.174 trillion. External resources are estimated at Rwf594 billion, with grants accounting for Rwf358.3 billion and external loans Rwf235.7 billion. Infrastructure has been allocated the lion’s share of the Budgetary Estimates with Rwf298.1 billion, with an emphasis on hydro power plants, peat power plant – to boost the government’s electricity rollout targets--, industrial parks and access to clean water. Agriculture sector, which surpassed 100 per cent absorption capacity of its budget execution in the current fiscal year, has been allocated Rwf120.6 billion. Minister Gatete did not announce new or increase taxes, while he unveiled tax cuts on essential products such as sugar, rice and wheat as well as transport. editorial@newtimes.co.rw

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Gatete unveils Rwf1.768 trillion Budget