February 8, 2023 - the Plenary Sitting of the Chamber of Deputies adopted the relevance of the draft law amending the law determining the state finances for the 2022/23 fiscal year. 

Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning presented the 2022/23 revised budget to MPs, announcing that the proposed budget revision will increase Government spending by Frw 106.4 billion, a 2.3% increase to Frw 4,764.8 billion from the original budget of Frw 4,658.4 billion announced in June 2022.

He went on to say that the revised budget will support continued economic recovery, supplement job creation efforts and continue to facilitate businesses to recover from covid-19 impact. Additional Investments in education, healthcare, ICT, and agriculture will be at the forefront of the ongoing government effort to invest in Rwanda’s future, through the National Strategy for Transformation (NST1).

“Despite persistent challenges stemming from COVID-19 effects, global supply chain issues, inflationary environment and impact of climate shocks, our economy continues to show strong signs of recovery. Over the first three quarters of 2022, the economy registered an 8.5% growth, with signs of beating projections,” said Minister Ndagijimana. 

“This budget revision reflects these successes, and the effectiveness of the economic recovery plan in keeping businesses afloat, encouraging new investments, creating jobs, and maintaining strong social protection for vulnerable citizens.” He added.

The draft law amending law determining the state finances for 2022/23 was submitted to the Committee on national budget and patrimony for further consideration before being adopted by the plenary session.