[UAH] RWANDA-Kigali sets aside money to create jobs for youth and social sectors!!!HOW ABOUT UGANDA WHEE THE PROMISE OF STUDENTS LOANS SCHEME WAS NOT IMPLEMENTED AND YOUTH UNEMPLOYMENT STANDS AT 83%!!!
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RWANDA-Kigali sets aside money to create jobs for youth and social sectors!!!
Posted Saturday, May 18 2013 at 16:16
IN SUMMARY
- The government plans to spend Rwf1.576 trillion ($2.5 billion) in the fiscal year 2013/14, up from Rwf1.425 trillion ($2.2 billion) in the 2012/2013 financial year.
Rwanda is to increase spending on the education and health sectors in an effort to boost human development.
The government plans to spend Rwf1.576 trillion ($2.5 billion) in the fiscal year 2013/14, up from Rwf1.425 trillion ($2.2 billion) in the 2012/2013 financial year.
The education and health sectors were allocated a significant percentage of the budget, with Treasury saying the two will form the foundation for development of society and the economy in the medium term.
On what it terms "foundation sectors" —strategic areas that constitute the bedrock of Rwanda's sustainable development over the long term — the government intends to spend Rwf676.2 billion. Some Rwf132.7 billion will be spent on health while Rwf80.6 billion is allocated to education.
Economists said that investing in these areas will go a long way in addressing the country's skills gap and position the private sector as an engine for socio-economic development.
"From the banking perspective, education has become one of the money spinners for business people. We are going to be banking on education to propel private sector investments," said Lawson Naibo, chief operating officer at the Bank of Kigali.
Rwanda was the centre of attention last year when some donors withheld or suspended aid to the country over allegations it was supporting the M23 rebels in eastern Democratic Republic of Congo.
So, its draft budget for the next fiscal year was formulated against the backdrop of dwindling donor resources coupled with uncertainties in the global economic environment. Kigali could be hit with a decline in foreign exchange inflows, affecting economic activity and hurting domestic resource mobilisation.
"The government will continue to monitor these risks closely, with a view to taking corrective measures when required," the draft budget states.
The measures, according to Treasury, will include cuts and in some cases delays in the implementation of selected non-priority spending, in order to ensure that there is no additional domestic borrowing. The action is aimed at ensuring macroeconomic stability.
The government plans to borrow Rwf36 billion ($56 million) and Rwf84.3 billion ($131 million) for RwandAir and the Kigali City Council (KCC) respectively for working capital, but economists say that the government ought to have more strategic plans for these institutions.
To offset this debt, the government plans to raise Rwf5.1 billion ($8 million) from the privatisation of two tea factories: Shagasha and Mulindi.
In the proposed budget for 2013/2014, some Rwf17.6 billion ($27 million) is allocated to pay the principal of external debt compared with Rwf15.3 billion ($23 million) in 2012/2013. The higher spending is on account of a larger debt as well as decline in the exchange rate for the Rwandan franc against the dollar.
Regarding the domestic non-bank component, Rwf24 billion ($37.5 billion) has been allocated against Rwf12.2 billion ($19 million) in the fiscal year 2012/2013 to settle government debt from the sale of securities to finance the cash shortfall in 2012/2013
Some Rwf161.4 billion ($251.6 million) has been earmarked for rural development.
The government plans to spend 50 per cent on economic transformation, rural development, youth employment (which was allocated Rwf104.5 billion ($161 million), productivity and delivering accountable government.
According to the draft budget, which does not give a detailed breakdown of how the Rwf511.4 billion ($794 million) allocated to economic transformation will be spent, the government plans massive investments in infrastructure and energy. Spending in this area accounts for 31 per cent of the total budget
- STILL SURVIVING THE MAFIAS,LIVING IN FEAR AND PAIN,BEING HUNTED LEFT,RIGHT AND CENTER BY MAFIAS PLUS THEIR NETWORKS.
- ON 29/JANUARY/2004 DURING RADIO ONE EKIMEEZA TALKSHOW AT CLUB OBBLIGATTO I REVEALED THE PRESENCE OF MUSEVENI CHEMICAL AND BIOLOGICAL WEAPONS OF MASS DESTRUCTION BOUGHT FROM NORTH KOREA AND IRAN-THAT WAS HIDDEN UNDER GULU AIRPORT HUNKER AND THE UNITED NATIONS GRABBED,DESTROYED AND TOOK AWAY THE REMAINING ONES TO UNKNOWN DESTINATION-THIS IS ONE REASON WHY PRESIDENT MUSEVENI AND HIS MAFIAS CAN NEVER-NEVER-I SAY NEVER FORGIVE ME SINCE I EXPOSED AND SPOILED THEIR DEADLY DESTRUCTIVE AGENDA FOR NORTHERN UGANDA!!!
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