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Senate News

Minister of Finance updates MPs on the situation of the national economy

On November 23, 2020, the Minister of Finance and Economic Planning Dr Uzziel Ndagijimana, presented to the plenary sitting of the Chamber of Deputies, the status of the economy and the budget in the first quarter of the 2020/21 fiscal year. 

While updating the parliament on the economic status of the country, Minister Ndagijimana said that Rwanda’s GDP dropped by 12.4% year-on-year in Q2 of 2020. He added that this decline in GDP of Q2 is due to poor performance in transport, trade, education, construction, exports, hotels and restaurants, and agriculture subsectors.

Talking of the status of debts, Minister Ndagijimana said that the debt of Rwanda is sustainable, although this year, the risk status of debt has shifted from low to moderate, as a result of lower projected macroeconomic performance. He added that External Debt stock remains essentially concessional.

Regarding budget execution, the Minister noted that total domestic revenue collections for the July-Sept period amounted to 465.5 billion Frw and exceeded the estimated amount for the period by 52.5 billion Frw (12.7%).

He also indicated that at the end of September 2020 provisional data indicates that the Government had spent a total amount of 885.9 billion Frw, which was only 1.6 billion Frw lower than the estimated amount of 887.6 billion Frw (0.2%).

After being briefed on the overall situation of the economy and the budget in the first quarter of the 2020/21 fiscal year, MPs commended the Government's moves in dealing with effects of Covid-19.