{"id":21174,"date":"2022-06-30T15:29:45","date_gmt":"2022-06-30T15:29:45","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/national-budget-expected-to-boost-economy-tame-commodity-prices"},"modified":"2022-06-30T15:42:17","modified_gmt":"2022-06-30T15:42:17","slug":"national-budget-expected-to-boost-economy-tame-commodity-prices","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices","title":{"rendered":"National budget expected to boost economy, tame commodity prices"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Parliament on June 29 approved the Rwf4,658.4 billion national budget for the next fiscal year which will start on July 1, by passing the Law determining the State Finances for the Financial Year 2022\/23.<\/p>\n

Compared to the over 4,440.6 billion budget for the current fiscal year, which will end on June 30, next year’s government spending represents an increase of Rwf217.8 billion, or 4.9 percent.<\/p>\n

Members of the Chamber of Deputies\u2019 Committee on National Budget and Patrimony said that while analysing the budget, they realised it is in line with boosting Rwanda’s economic growth, and responding to the rising prices of food, fuel and fertilsers among other key commodities as a result of the Covid-19 pandemic and Russia-Ukraine war among other shocks.<\/p>\n

\u201cThere are strategies planned for sourcing from other places, commodities that Rwandans need. It is also planned to increase Made in Rwanda output, [Government] subsidy on fuel and fertilisers,\u201d said MP Omar Munyaneza, Chairperson of the Committee, as he was presenting the budget bill analysis report to the Plenary Session of the Chamber of Deputies.<\/p>\n

\u201cAgain, there are strategies to increase cultivated area in order to agricultural production, as well as being close watch on monetary policy through monitoring exchange rates,\u201d he said.<\/p>\n

Addressing financing gaps<\/p>\n

Munyaneza said that of the 50 most urgent financing gaps that required Rwf32.6 billion to fix and should be catered for in the beginning of the 2022\/2023 fiscal year as the Parliament requested, 31 of them were allocated Rwf14.3 billion, equivalent to 44 percent.<\/p>\n

Meanwhile, he said that the gaps that were not catered for or not fully addressed will be addressed during the budget revision, or Medium Term Expenditure Framework (MTEF) \u2013 which sets out three-year national spending plans.<\/p>\n

One of the urgent gap was in the seeds and fertilisers subsidies project to support the crop intensification programme (CIP) which was allocated Rwf31 billion against the required Rwf56.8 billion, implying a gap of Rwf25.8 billion.<\/p>\n

The targeted activities under this project include distributing over 3,430 tonnes of quality seeds, 50,179 tonnes of fertilisers amid the rising costs of this farm input, as well as 37,736 tonnes of lime with Government subsidy, according to data from the Ministry of Agriculture and Animal Resources.<\/p>\n

In the approved budget, this programme was added Rwf5 billion to be spent as a financial support to lower fertiliser and seed costs for farmers.<\/p>\n

Speaking to The New Times, potato farmer Vincent Havugimana said that fertiliser prices went high with a kilogramme of (nitrogen, phosphorus, and potassium (NPK) compound costing over Rwf880 now, compared to Rwf600 before Covid-19 outbreak.<\/p>\n

\u201cHigh fertiliser prices have hindered smallholder farmers\u2019 fertiliseer use because they cannot afford them. This reduces farm output. Government\u2019s support is needed to bring them down to Rwf600 a kilogramme,\u201d he said referring to NPK.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Parliament on June 29 approved the Rwf4,658.4 billion national budget for the next fiscal year which will start on July 1, by passing the Law determining the State Finances for the Financial Year 2022\/23. Compared to the over 4,440.6 billion budget for the current fiscal year, which will end on June 30, […]<\/p>\n","protected":false},"author":84,"featured_media":21173,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28],"tags":[760,763,758],"class_list":["post-21174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nNational budget expected to boost economy, tame commodity prices - Rwanda<\/title>\n<meta name=\"description\" content=\"Parliament on June 29 approved the Rwf4,658.4 billion national budget for the next fiscal year which will start on July ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National budget expected to boost economy, tame commodity prices\" \/>\n<meta property=\"og:description\" content=\"Parliament on June 29 approved the Rwf4,658.4 billion national budget for the next fiscal year which will start on July ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-30T15:29:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-30T15:42:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/06\/postQueueImg_8-62bdc4437fdaf.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"721\" \/>\n\t<meta property=\"og:image:height\" content=\"445\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"National budget expected to boost economy, tame commodity prices\",\"datePublished\":\"2022-06-30T15:29:45+00:00\",\"dateModified\":\"2022-06-30T15:42:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices\"},\"wordCount\":476,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/06\/postQueueImg_8-62bdc4437fdaf.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/national-budget-expected-to-boost-economy-tame-commodity-prices\",\"name\":\"National budget expected to boost economy, tame commodity prices - 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