Rwanda Parliament has this afternoon approved a bill that seeks to revise the National Budget from Rwf2,094.9 billion to Rwf2,115.4 billion, Taarifa reports.
The Ministry of Finance and Economic planning in 2017 sought to increase the size of National Budget by Rwf20,5 billion.
According to Finance Minister Ambassador Claver Gatete, creation of new ministries has placed extra demand for their financing.
“Funds raised from inside the country will increase from Rwf 1,375.4 billion to Rwf1,412.9 billion, an increase of Rwf37.5 billion, ” Minister Gatete told members of parliament.
He also said that funds in form of Aid and Grants from outside will reduce from Rwf719.5 billion to Rwf702.6 billion, a reduction of Rwf16.9 billion due to the increase in value of the Rwandan currency to the US dollar.
Imports and Exports
In his presentation to the members of parliament, Minister Gatete said that due to the increase in Rwanda’s exports and the reduction of imports, the gap between trade exports and imports had reduced at a 21.7% rate.
For example, coffee production increased by 9.6% rate while tea production increased at a 32.9% rate due to the international prices that mounted.
“Production of minerals increased by 210.4% as they yielded US$ 248.5 Million by December 2017 compared to US$ 80.1 million that had been yielded from minerals by the end of the year 2016, ” the minister said.
Similarly, by the end of 2017, Rwanda exported merchandises worth US$ 943.5 million, implying an increase of 57.6% compared to US$ 598.7 million yielded by December 2016.