Rwanda’s finance minister, Uzziel Ndagijimana, presented to parliament a draft bill aiming at increasing public spending by 4.8% for the financial year ending in June 2020.
If the bill is passed, government spending for the year will rise to over 3 trillion francs (over $3.17 billion). The official said the extra money will be raised through tax and non-tax revenues and will be invested in a number of government programs, including recruiting new doctors in public hospitals.
Thanks to a strict economic policy that helped improve infrastructure, budget self-sufficiency (up to 84%), and private sector’s contribution to GDP growth, the Rwandan economy has grown sharply in recent years. Growth averaged 8% between 2000 and 2018, subsequently increasing population’s level of health and education.
Ranked among the ten fastest-growing economies in the world, Rwanda is expected to become the first on the continent in 2020, with a forecast of 8.1% according to the World Bank.
Source: Ecofin Agency