Abstract
Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
Recent Developments
1. Growth remains in line with projections, with low inflation (Figure 1, Table 1). A growth recovery that began in mid-2017 continued, with real GDP rising by 8.6 percent y/y in the first half of 2018. Growth was broad-based, with a pronounced increase in industrial activity, particularly clothing production, food processing, and public construction works. Flooding in the second quarter led to a deceleration, offsetting the positive impact of higher fiscal expenditures. Leading indicators suggest the decelaration in agricultural growth was temporary. Meanwhile headline inflation and core inflation remained low, at 1.2 percent and 1.6 percent y/y, respectively, in September, with declines in food prices more than offsetting rising energy prices.
Rwanda: Overview of Recent Economic Developments
Citation: IMF Staff Country Reports 2018, 335; 10.5089/9781484387238.002.A001
Source: Rwandan Authorities, and IMF staff estimates.
Rwanda: Overview of Recent Economic Developments
Citation: IMF Staff Country Reports 2018, 335; 10.5089/9781484387238.002.A001
Source: Rwandan Authorities, and IMF staff estimates.Rwanda: Overview of Recent Economic Developments
Citation: IMF Staff Country Reports 2018, 335; 10.5089/9781484387238.002.A001
Source: Rwandan Authorities, and IMF staff estimates.Rwanda: Selected Economic Indicators, 2017–20
Rwanda: Selected Economic Indicators, 2017–20
| 2017 | 2018 | 2019 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | |||||||
| (Annual percentage change, unless otherwise indicated) | ||||||||||
| Output and prices | ||||||||||
| Real GDP | 6.1 | 7.2 | 7.8 | 8.0 | ||||||
| GDP deflator | 7.3 | 3.0 | 4.9 | 5.8 | ||||||
| CPI (period average) | 4.8 | 2.8 | 5.0 | 5.0 | ||||||
| CPI (end period) | 0.7 | 5.0 | 5.0 | 5.0 | ||||||
| Terms of trade (deterioration, -) | 1.8 | -1.7 | 0.1 | 0.7 | ||||||
| Money and credit | ||||||||||
| Broad money (M3) | 12.3 | 17.8 | 14.8 | 21.7 | ||||||
| Reserve money | 8.8 | 13.4 | 12.8 | 20.2 | ||||||
| Credit to non-government sector | 13.9 | 11.0 | 14.0 | 17.0 | ||||||
| M3/GDP (percent) | 23.6 | 25.2 | 25.5 | 27.2 | ||||||
| NPLs (percent of total gross loans) | 7.6 | … | … | … | ||||||
| (Percent of GDP, unless otherwise indicated) | ||||||||||
| General government budget | ||||||||||
| Total revenue and grants | 22.9 | 23.6 | 22.6 | 22.7 | ||||||
| of which : tax revenue | 15.5 | 15.8 | 15.6 | 15.9 | ||||||
| of which : grants | 4.7 | 5.1 | 4.5 | 4.3 | ||||||
| Expenditure | 27.6 | 29.4 | 26.7 | 26.1 | ||||||
| Current | 14.7 | 15.2 | 13.8 | 13.5 | ||||||
| Capital | 10.7 | 12.2 | 10.8 | 10.6 | ||||||
| Primary balance | -3.6 | -4.6 | -3.1 | -2.4 | ||||||
| Overall balance | -4.7 | -5.8 | -4.1 | -3.4 | ||||||
| excluding grants | -9.4 | -10.8 | -8.6 | -7.7 | ||||||
| Net domestic borrowing | 0.2 | 1.5 | 0.6 | 0.1 | ||||||
| Public debt | ||||||||||
| Total public debt incl. guarantees | 47.1 | 49.7 | 49.5 | 47.9 | ||||||
| of which : external public debt | 37.5 | 39.9 | 40.1 | 39.1 | ||||||
| Investment and savings | ||||||||||
| Investment | 23.4 | 25.6 | 26.3 | 26.6 | ||||||
| Government | 10.7 | 12.2 | 10.8 | 10.6 | ||||||
| Nongovernment | 12.7 | 13.4 | 15.5 | 16.0 | ||||||
| Savings | 10.9 | 11.7 | 13.0 | 14.7 | ||||||
| Government | 3.4 | 3.3 | 4.3 | 4.9 | ||||||
| Nongovernment | 7.5 | 8.4 | 8.7 | 9.8 | ||||||
| External sector | ||||||||||
| Exports (goods and services) | 21.7 | 22.5 | 23.7 | 23.9 | ||||||
| Imports (goods and services) | 32.9 | 35.3 | 35.9 | 34.6 | ||||||
| Current account balance (incl grants) | -8.3 | -10.0 | -10.0 | -9.0 | ||||||
| Current account balance (excl grants) | -12.4 | -13.9 | -13.3 | -11.9 | ||||||
| Current account balance (excl. large projects) | -7.9 | -9.8 | -8.7 | -8.0 | ||||||
| Gross international reserves | ||||||||||
| In millions of US$ | 1163 | 1284 | 1319 | 1461 | ||||||
| In months of next year’s imports | 4.1 | 4.1 | 4.0 | 4.1 | ||||||
| Memorandum items: | ||||||||||
| GDP at current market prices | ||||||||||
| Rwanda francs (billion) | 7,597 | 8,388 | 9,486 | 10,839 | ||||||
| US$ (million) | 9136 | … | … | … | ||||||
| GDP per capita (US$) | 772 | … | … | … | ||||||
| Population (million) | 11.8 | 12.1 | 12.4 | 12.7 | ||||||
Rwanda: Selected Economic Indicators, 2017–20
| 2017 | 2018 | 2019 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | |||||||
| (Annual percentage change, unless otherwise indicated) | ||||||||||
| Output and prices | ||||||||||
| Real GDP | 6.1 | 7.2 | 7.8 | 8.0 | ||||||
| GDP deflator | 7.3 | 3.0 | 4.9 | 5.8 | ||||||
| CPI (period average) | 4.8 | 2.8 | 5.0 | 5.0 | ||||||
| CPI (end period) | 0.7 | 5.0 | 5.0 | 5.0 | ||||||
| Terms of trade (deterioration, -) | 1.8 | -1.7 | 0.1 | 0.7 | ||||||
| Money and credit | ||||||||||
| Broad money (M3) | 12.3 | 17.8 | 14.8 | 21.7 | ||||||
| Reserve money | 8.8 | 13.4 | 12.8 | 20.2 | ||||||
| Credit to non-government sector | 13.9 | 11.0 | 14.0 | 17.0 | ||||||
| M3/GDP (percent) | 23.6 | 25.2 | 25.5 | 27.2 | ||||||
| NPLs (percent of total gross loans) | 7.6 | … | … | … | ||||||
| (Percent of GDP, unless otherwise indicated) | ||||||||||
| General government budget | ||||||||||
| Total revenue and grants | 22.9 | 23.6 | 22.6 | 22.7 | ||||||
| of which : tax revenue | 15.5 | 15.8 | 15.6 | 15.9 | ||||||
| of which : grants | 4.7 | 5.1 | 4.5 | 4.3 | ||||||
| Expenditure | 27.6 | 29.4 | 26.7 | 26.1 | ||||||
| Current | 14.7 | 15.2 | 13.8 | 13.5 | ||||||
| Capital | 10.7 | 12.2 | 10.8 | 10.6 | ||||||
| Primary balance | -3.6 | -4.6 | -3.1 | -2.4 | ||||||
| Overall balance | -4.7 | -5.8 | -4.1 | -3.4 | ||||||
| excluding grants | -9.4 | -10.8 | -8.6 | -7.7 | ||||||
| Net domestic borrowing | 0.2 | 1.5 | 0.6 | 0.1 | ||||||
| Public debt | ||||||||||
| Total public debt incl. guarantees | 47.1 | 49.7 | 49.5 | 47.9 | ||||||
| of which : external public debt | 37.5 | 39.9 | 40.1 | 39.1 | ||||||
| Investment and savings | ||||||||||
| Investment | 23.4 | 25.6 | 26.3 | 26.6 | ||||||
| Government | 10.7 | 12.2 | 10.8 | 10.6 | ||||||
| Nongovernment | 12.7 | 13.4 | 15.5 | 16.0 | ||||||
| Savings | 10.9 | 11.7 | 13.0 | 14.7 | ||||||
| Government | 3.4 | 3.3 | 4.3 | 4.9 | ||||||
| Nongovernment | 7.5 | 8.4 | 8.7 | 9.8 | ||||||
| External sector | ||||||||||
| Exports (goods and services) | 21.7 | 22.5 | 23.7 | 23.9 | ||||||
| Imports (goods and services) | 32.9 | 35.3 | 35.9 | 34.6 | ||||||
| Current account balance (incl grants) | -8.3 | -10.0 | -10.0 | -9.0 | ||||||
| Current account balance (excl grants) | -12.4 | -13.9 | -13.3 | -11.9 | ||||||
| Current account balance (excl. large projects) | -7.9 | -9.8 | -8.7 | -8.0 | ||||||
| Gross international reserves | ||||||||||
| In millions of US$ | 1163 | 1284 | 1319 | 1461 | ||||||
| In months of next year’s imports | 4.1 | 4.1 | 4.0 | 4.1 | ||||||
| Memorandum items: | ||||||||||
| GDP at current market prices | ||||||||||
| Rwanda francs (billion) | 7,597 | 8,388 | 9,486 | 10,839 | ||||||
| US$ (million) | 9136 | … | … | … | ||||||
| GDP per capita (US$) | 772 | … | … | … | ||||||
| Population (million) | 11.8 | 12.1 | 12.4 | 12.7 | ||||||
2. The FY17/18 fiscal outturn reflected somewhat higher investment spending (Figure 2, Tables 2a-b, 3a-b). The headline FY17/18 fiscal deficit was unchanged from the previous year, at 4.6 percent of GDP. However, the primary deficit excluding grants and UN peace keeping operations (PKO) was reduced, from 8.2 to 8.0 percent of GDP. Total revenues increased, with improved administration compensating for weaker international trade taxes, owing to a secular shift towards EAC imports (which face lower tariffs). Compared to the revised FY17/18 budget/ninth review, the fiscal deficit was 0.8 percentage points of GDP higher mainly due to increased investment spending, financed by official development assistance accumulated in government deposits. The additional investment spending met priority objectives of the National Strategy for Transformation (NST), including expansion of rural roads, energy distribution, and vocational training. Program targets accommodate the use of (limited) drawdowns for this purpose.
Rwanda: Fiscal Developments
Citation: IMF Staff Country Reports 2018, 335; 10.5089/9781484387238.002.A001
Source: Rwandan Authorities, and IMF staff estimates.
Rwanda: Fiscal Developments
Citation: IMF Staff Country Reports 2018, 335; 10.5089/9781484387238.002.A001
Source: Rwandan Authorities, and IMF staff estimates.Rwanda: Fiscal Developments
Citation: IMF Staff Country Reports 2018, 335; 10.5089/9781484387238.002.A001
Source: Rwandan Authorities, and IMF staff estimates.Rwanda: Budgetary Central Government Flows, FY16/17–19/201
(billions of Rwandan francs)
Fiscal year runs from July to June.
Includes peacekeeping operations, spending on demobilisaton/reintegration, and genocide relief.
2016/17 and 2017/18 foreign-financed capital spending included deposit drawdown, accumulated in previous years.
A negative sign indicates a reduction.
A negative number implies an overestimate of financing.
Rwanda: Budgetary Central Government Flows, FY16/17–19/201
(billions of Rwandan francs)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Prelim. | Proj. | Proj. | |||||||
| Revenue and grants | 1,616 | 1,820 | 2,061 | 2,252 | ||||||
| Total revenue | 1,286 | 1,462 | 1,636 | 1,836 | ||||||
| Tax revenue | 1,104 | 1,253 | 1,397 | 1,614 | ||||||
| Direct taxes | 468.4 | 538.7 | 602.6 | 691.8 | ||||||
| Taxes on goods and services | 544.6 | 616.1 | 684.9 | 794.6 | ||||||
| Taxes on international trade | 91.2 | 98.1 | 109.4 | 127.3 | ||||||
| Non-tax revenue | 181.4 | 208.6 | 238.9 | 222.0 | ||||||
| Of which : PKO | 128.5 | 150.1 | 160.6 | 143.5 | ||||||
| Grants | 330.2 | 358.9 | 425.4 | 416.7 | ||||||
| Budget grants | 184.2 | 190.2 | 192.3 | 194.0 | ||||||
| Of which: Global Fund | 54.1 | 69.6 | 76.1 | 55.6 | ||||||
| Project grants | 146.0 | 168.7 | 233.1 | 222.8 | ||||||
| Total expenditure and net lending | 1,943 | 2,188 | 2,519 | 2,721 | ||||||
| Current expenditure | 1,070 | 1,177 | 1,301 | 1,440 | ||||||
| Wages and salaries | 263.7 | 324.3 | 367.5 | 418.3 | ||||||
| Purchases of goods and services | 207.4 | 216.3 | 230.9 | 243.2 | ||||||
| Interest payments | 72.2 | 91.6 | 103.1 | 125.0 | ||||||
| Domestic debt | 35.3 | 48.9 | 55.4 | 74.3 | ||||||
| External debt | 36.9 | 42.7 | 47.6 | 50.8 | ||||||
| Transfers | 366.9 | 363.3 | 398.7 | 442.9 | ||||||
| PKO and demobilization2 | 159.4 | 181.8 | 201.0 | 210.3 | ||||||
| of which: PKO | 128.2 | 145.8 | 160.5 | 164.3 | ||||||
| Capital expenditure | 759 | 850 | 1,028 | 1,069 | ||||||
| Domestic | 418.2 | 463.2 | 625.3 | 602.1 | ||||||
| Foreign3 | 341.3 | 387.1 | 402.3 | 466.4 | ||||||
| Of which: deposit drawdown | 34.5 | 48.0 | -- | -- | ||||||
| Net lending and privatization receipts | 113.8 | 160.0 | 190.0 | 213.1 | ||||||
| Overall balance (incl. grants, commitment basis) | -327.1 | -367.1 | -457.6 | -468.9 | ||||||
| Change in float/arrears4 | -20.1 | -25.1 | -27.2 | -30.6 | ||||||
| Overall balance (incl. grants, cash basis) | -347.2 | -392.2 | -484.8 | -499.5 | ||||||
| Financing | 347.2 | 392.2 | 484.8 | 499.5 | ||||||
| Foreign financing (net) | 322.7 | 356.0 | 435.7 | 380.8 | ||||||
| Drawings | 344.6 | 381.8 | 464.3 | 419.3 | ||||||
| Budgetary loans | 183.8 | 211.5 | 295.1 | 175.6 | ||||||
| Project loans | 160.7 | 170.4 | 169.2 | 243.6 | ||||||
| Amortization | -21.9 | -25.8 | -28.6 | -39.5 | ||||||
| Net domestic financing3 | 48.9 | 43.0 | 49.1 | 118.7 | ||||||
| Net credit from banking system | 16.6 | 48.8 | 49.1 | 118.7 | ||||||
| Nonbank sector | 32.3 | -5.9 | 0.0 | 0.0 | ||||||
| Errors and omissions5 | -24.3 | -6.8 | 0.0 | 0.0 | ||||||
| Memorandum items: | ||||||||||
| Primary balance (excl. grants and PKO, commitment basis) | -585.5 | -638.7 | -780.0 | -739.8 | ||||||
| Sources: Rwandan authorities and IMF staff estimates and projections. | -585.5 | -592.6 | -638.7 | -695.7 | -780.0 | -754.8 | -739.8 | |||
Fiscal year runs from July to June.
Includes peacekeeping operations, spending on demobilisaton/reintegration, and genocide relief.
2016/17 and 2017/18 foreign-financed capital spending included deposit drawdown, accumulated in previous years.
A negative sign indicates a reduction.
A negative number implies an overestimate of financing.
Rwanda: Budgetary Central Government Flows, FY16/17–19/201
(billions of Rwandan francs)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Prelim. | Proj. | Proj. | |||||||
| Revenue and grants | 1,616 | 1,820 | 2,061 | 2,252 | ||||||
| Total revenue | 1,286 | 1,462 | 1,636 | 1,836 | ||||||
| Tax revenue | 1,104 | 1,253 | 1,397 | 1,614 | ||||||
| Direct taxes | 468.4 | 538.7 | 602.6 | 691.8 | ||||||
| Taxes on goods and services | 544.6 | 616.1 | 684.9 | 794.6 | ||||||
| Taxes on international trade | 91.2 | 98.1 | 109.4 | 127.3 | ||||||
| Non-tax revenue | 181.4 | 208.6 | 238.9 | 222.0 | ||||||
| Of which : PKO | 128.5 | 150.1 | 160.6 | 143.5 | ||||||
| Grants | 330.2 | 358.9 | 425.4 | 416.7 | ||||||
| Budget grants | 184.2 | 190.2 | 192.3 | 194.0 | ||||||
| Of which: Global Fund | 54.1 | 69.6 | 76.1 | 55.6 | ||||||
| Project grants | 146.0 | 168.7 | 233.1 | 222.8 | ||||||
| Total expenditure and net lending | 1,943 | 2,188 | 2,519 | 2,721 | ||||||
| Current expenditure | 1,070 | 1,177 | 1,301 | 1,440 | ||||||
| Wages and salaries | 263.7 | 324.3 | 367.5 | 418.3 | ||||||
| Purchases of goods and services | 207.4 | 216.3 | 230.9 | 243.2 | ||||||
| Interest payments | 72.2 | 91.6 | 103.1 | 125.0 | ||||||
| Domestic debt | 35.3 | 48.9 | 55.4 | 74.3 | ||||||
| External debt | 36.9 | 42.7 | 47.6 | 50.8 | ||||||
| Transfers | 366.9 | 363.3 | 398.7 | 442.9 | ||||||
| PKO and demobilization2 | 159.4 | 181.8 | 201.0 | 210.3 | ||||||
| of which: PKO | 128.2 | 145.8 | 160.5 | 164.3 | ||||||
| Capital expenditure | 759 | 850 | 1,028 | 1,069 | ||||||
| Domestic | 418.2 | 463.2 | 625.3 | 602.1 | ||||||
| Foreign3 | 341.3 | 387.1 | 402.3 | 466.4 | ||||||
| Of which: deposit drawdown | 34.5 | 48.0 | -- | -- | ||||||
| Net lending and privatization receipts | 113.8 | 160.0 | 190.0 | 213.1 | ||||||
| Overall balance (incl. grants, commitment basis) | -327.1 | -367.1 | -457.6 | -468.9 | ||||||
| Change in float/arrears4 | -20.1 | -25.1 | -27.2 | -30.6 | ||||||
| Overall balance (incl. grants, cash basis) | -347.2 | -392.2 | -484.8 | -499.5 | ||||||
| Financing | 347.2 | 392.2 | 484.8 | 499.5 | ||||||
| Foreign financing (net) | 322.7 | 356.0 | 435.7 | 380.8 | ||||||
| Drawings | 344.6 | 381.8 | 464.3 | 419.3 | ||||||
| Budgetary loans | 183.8 | 211.5 | 295.1 | 175.6 | ||||||
| Project loans | 160.7 | 170.4 | 169.2 | 243.6 | ||||||
| Amortization | -21.9 | -25.8 | -28.6 | -39.5 | ||||||
| Net domestic financing3 | 48.9 | 43.0 | 49.1 | 118.7 | ||||||
| Net credit from banking system | 16.6 | 48.8 | 49.1 | 118.7 | ||||||
| Nonbank sector | 32.3 | -5.9 | 0.0 | 0.0 | ||||||
| Errors and omissions5 | -24.3 | -6.8 | 0.0 | 0.0 | ||||||
| Memorandum items: | ||||||||||
| Primary balance (excl. grants and PKO, commitment basis) | -585.5 | -638.7 | -780.0 | -739.8 | ||||||
| Sources: Rwandan authorities and IMF staff estimates and projections. | -585.5 | -592.6 | -638.7 | -695.7 | -780.0 | -754.8 | -739.8 | |||
Fiscal year runs from July to June.
Includes peacekeeping operations, spending on demobilisaton/reintegration, and genocide relief.
2016/17 and 2017/18 foreign-financed capital spending included deposit drawdown, accumulated in previous years.
A negative sign indicates a reduction.
A negative number implies an overestimate of financing.
Rwanda: Budgetary Central Government Flows, FY16/17–19/201
(percent of GDP)
Fiscal year runs from July to June.
Includes peacekeeping operations, spending on demobilisaton/reintegration, and genocide relief.
2016/17 and 2017/18 foreign-financed capital spending included deposit drawdown, accumulated in previous years.
A negative sign indicates a reduction.
A negative number implies an overestimate of financing.
Rwanda: Budgetary Central Government Flows, FY16/17–19/201
(percent of GDP)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Prelim. | Proj. | Proj. | |||||||
| Revenue and grants | 22.7 | 22.8 | 23.1 | 22.2 | ||||||
| Total revenue | 18.0 | 18.3 | 18.3 | 18.1 | ||||||
| Tax revenue | 15.5 | 15.7 | 15.6 | 15.9 | ||||||
| Direct taxes | 6.6 | 6.7 | 6.7 | 6.8 | ||||||
| Taxes on goods and services | 7.6 | 7.7 | 7.7 | 7.8 | ||||||
| Taxes on international trade | 1.3 | 1.2 | 1.2 | 1.3 | ||||||
| Nontax revenue | 2.5 | 2.6 | 2.7 | 2.2 | ||||||
| Of which : PKO | 1.8 | 1.9 | 1.8 | 1.4 | ||||||
| Grants | 4.6 | 4.5 | 4.8 | 4.1 | ||||||
| Budget grants | 2.6 | 2.4 | 2.2 | 1.9 | ||||||
| Project grants | 2.0 | 2.1 | 2.6 | 2.2 | ||||||
| Total expenditure and net lending | 27.3 | 27.4 | 28.2 | 26.8 | ||||||
| Current expenditure | 15.0 | 14.7 | 14.6 | 14.2 | ||||||
| Wages and salaries | 3.7 | 4.1 | 4.1 | 4.1 | ||||||
| Purchases of goods and services | 2.9 | 2.7 | 2.6 | 2.4 | ||||||
| Interest payments | 1.0 | 1.1 | 1.2 | 1.2 | ||||||
| Domestic debt | 0.5 | 0.6 | 0.6 | 0.7 | ||||||
| External debt | 0.5 | 0.5 | 0.5 | 0.5 | ||||||
| Transfers | 5.2 | 4.5 | 4.5 | 4.4 | ||||||
| PKO and demobilization2 | 2.2 | 2.3 | 2.2 | 2.1 | ||||||
| of which: PKO | 1.8 | 1.8 | 1.8 | 1.6 | ||||||
| Capital expenditure | 10.7 | 10.6 | 11.5 | 10.5 | ||||||
| Domestic | 5.9 | 5.8 | 7.0 | 5.9 | ||||||
| Foreign | 4.8 | 4.8 | 4.5 | 4.6 | ||||||
| Of which: deposit drawdown | 0.5 | 0.6 | 0.0 | 0.0 | ||||||
| Net lending and privatization receipts | 1.6 | 2.0 | 2.1 | 2.1 | ||||||
| Overall balance (incl. grants, commitment basis) | -4.6 | -4.6 | -5.1 | -4.6 | ||||||
| Change in float/arrears4 | -0.3 | -0.3 | -0.3 | -0.3 | ||||||
| Overall balance (incl. grants, cash basis) | -4.9 | -4.9 | -5.4 | -4.9 | ||||||
| Financing | 4.9 | 4.9 | 5.4 | 4.9 | ||||||
| Foreign financing (net) | 4.5 | 4.5 | 4.9 | 3.7 | ||||||
| Drawings | 4.8 | 4.8 | 5.2 | 4.1 | ||||||
| Budgetary loans | 2.6 | 2.6 | 3.3 | 1.7 | ||||||
| Project loans | 2.3 | 2.1 | 1.9 | 2.4 | ||||||
| Amortization | -0.3 | -0.3 | -0.3 | -0.4 | ||||||
| Net domestic financing3 | 0.7 | 0.5 | 0.5 | 1.2 | ||||||
| Net credit from banking system | 0.2 | 0.6 | 0.5 | 1.2 | ||||||
| Nonbank sector | 0.5 | -0.1 | 0.0 | 0.0 | ||||||
| Errors and omissions5 | -0.3 | -0.1 | 0.0 | 0.0 | ||||||
| Memorandum items: | ||||||||||
| Primary balance (excl. grants and PKO, commitment basis) | -8.2 | -8.0 | -8.7 | -7.3 | ||||||
| GDP (Billions of RwF), FY basis | 7,125 | 7,993 | 8,937 | 10,162 | ||||||
Fiscal year runs from July to June.
Includes peacekeeping operations, spending on demobilisaton/reintegration, and genocide relief.
2016/17 and 2017/18 foreign-financed capital spending included deposit drawdown, accumulated in previous years.
A negative sign indicates a reduction.
A negative number implies an overestimate of financing.
Rwanda: Budgetary Central Government Flows, FY16/17–19/201
(percent of GDP)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Prelim. | Proj. | Proj. | |||||||
| Revenue and grants | 22.7 | 22.8 | 23.1 | 22.2 | ||||||
| Total revenue | 18.0 | 18.3 | 18.3 | 18.1 | ||||||
| Tax revenue | 15.5 | 15.7 | 15.6 | 15.9 | ||||||
| Direct taxes | 6.6 | 6.7 | 6.7 | 6.8 | ||||||
| Taxes on goods and services | 7.6 | 7.7 | 7.7 | 7.8 | ||||||
| Taxes on international trade | 1.3 | 1.2 | 1.2 | 1.3 | ||||||
| Nontax revenue | 2.5 | 2.6 | 2.7 | 2.2 | ||||||
| Of which : PKO | 1.8 | 1.9 | 1.8 | 1.4 | ||||||
| Grants | 4.6 | 4.5 | 4.8 | 4.1 | ||||||
| Budget grants | 2.6 | 2.4 | 2.2 | 1.9 | ||||||
| Project grants | 2.0 | 2.1 | 2.6 | 2.2 | ||||||
| Total expenditure and net lending | 27.3 | 27.4 | 28.2 | 26.8 | ||||||
| Current expenditure | 15.0 | 14.7 | 14.6 | 14.2 | ||||||
| Wages and salaries | 3.7 | 4.1 | 4.1 | 4.1 | ||||||
| Purchases of goods and services | 2.9 | 2.7 | 2.6 | 2.4 | ||||||
| Interest payments | 1.0 | 1.1 | 1.2 | 1.2 | ||||||
| Domestic debt | 0.5 | 0.6 | 0.6 | 0.7 | ||||||
| External debt | 0.5 | 0.5 | 0.5 | 0.5 | ||||||
| Transfers | 5.2 | 4.5 | 4.5 | 4.4 | ||||||
| PKO and demobilization2 | 2.2 | 2.3 | 2.2 | 2.1 | ||||||
| of which: PKO | 1.8 | 1.8 | 1.8 | 1.6 | ||||||
| Capital expenditure | 10.7 | 10.6 | 11.5 | 10.5 | ||||||
| Domestic | 5.9 | 5.8 | 7.0 | 5.9 | ||||||
| Foreign | 4.8 | 4.8 | 4.5 | 4.6 | ||||||
| Of which: deposit drawdown | 0.5 | 0.6 | 0.0 | 0.0 | ||||||
| Net lending and privatization receipts | 1.6 | 2.0 | 2.1 | 2.1 | ||||||
| Overall balance (incl. grants, commitment basis) | -4.6 | -4.6 | -5.1 | -4.6 | ||||||
| Change in float/arrears4 | -0.3 | -0.3 | -0.3 | -0.3 | ||||||
| Overall balance (incl. grants, cash basis) | -4.9 | -4.9 | -5.4 | -4.9 | ||||||
| Financing | 4.9 | 4.9 | 5.4 | 4.9 | ||||||
| Foreign financing (net) | 4.5 | 4.5 | 4.9 | 3.7 | ||||||
| Drawings | 4.8 | 4.8 | 5.2 | 4.1 | ||||||
| Budgetary loans | 2.6 | 2.6 | 3.3 | 1.7 | ||||||
| Project loans | 2.3 | 2.1 | 1.9 | 2.4 | ||||||
| Amortization | -0.3 | -0.3 | -0.3 | -0.4 | ||||||
| Net domestic financing3 | 0.7 | 0.5 | 0.5 | 1.2 | ||||||
| Net credit from banking system | 0.2 | 0.6 | 0.5 | 1.2 | ||||||
| Nonbank sector | 0.5 | -0.1 | 0.0 | 0.0 | ||||||
| Errors and omissions5 | -0.3 | -0.1 | 0.0 | 0.0 | ||||||
| Memorandum items: | ||||||||||
| Primary balance (excl. grants and PKO, commitment basis) | -8.2 | -8.0 | -8.7 | -7.3 | ||||||
| GDP (Billions of RwF), FY basis | 7,125 | 7,993 | 8,937 | 10,162 | ||||||
Fiscal year runs from July to June.
Includes peacekeeping operations, spending on demobilisaton/reintegration, and genocide relief.
2016/17 and 2017/18 foreign-financed capital spending included deposit drawdown, accumulated in previous years.
A negative sign indicates a reduction.
A negative number implies an overestimate of financing.
Rwanda: Financial Operations of the Budgetary Central Government, GFSM 20141
(billions of Rwandan Francs)
Fiscal year runs from July to June.
Rwanda: Financial Operations of the Budgetary Central Government, GFSM 20141
(billions of Rwandan Francs)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act . | Act . | Proj. | Proj. | ||||||||
| Revenue | 1,571 | 1,767 | 1,997 | 2,180 | |||||||
| Taxes | 1,035 | 1,180 | 1,305 | 1,495 | |||||||
| Taxes on income, profits, and capital gains | 403.7 | 452.6 | 549.6 | 617.8 | |||||||
| Taxes on property | 0.6 | 0.0 | 0.0 | 0.0 | |||||||
| Taxes on goods and services | 530.0 | 605.1 | 645.9 | 749.4 | |||||||
| Taxes on international trade and transactions | 80.7 | 83.5 | 109.4 | 127.3 | |||||||
| Other taxes | 20.0 | 38.9 | 0.0 | 0.0 | |||||||
| Social contributions | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Grants | 330.2 | 358.9 | 425.4 | 416.7 | |||||||
| Current | 184.2 | 190.2 | 192.3 | 194.0 | |||||||
| Capital | 146.0 | 168.7 | 233.1 | 222.8 | |||||||
| Other revenue | 205.9 | 227.6 | 266.5 | 268.6 | |||||||
| Property income | 7.6 | 9.6 | 14.6 | 14.7 | |||||||
| Sales of goods and services | 163.3 | 182.8 | 236.9 | 238.7 | |||||||
| Fines, penalties, and forfeits | 35.1 | 35.1 | 12.7 | 12.8 | |||||||
| Voluntary transfers other than grants | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Miscellaneous and unidentified revenue | 0.0 | 0.0 | 2.4 | 2.4 | |||||||
| Expense | 1,279 | 1,383 | 1,555 | 1,734 | |||||||
| Compensation of employees | 237.0 | 251.7 | 285.2 | 330.8 | |||||||
| Use of goods and services | 427.2 | 442.5 | 468.9 | 500.5 | |||||||
| Interest | 72.2 | 91.6 | 103.1 | 125.0 | |||||||
| To nonresidents | 36.9 | 36.9 | 47.6 | 50.8 | |||||||
| To residents other than general government | 35.3 | 35.3 | 55.4 | 74.3 | |||||||
| Subsidies | 86.2 | 99.5 | 149.8 | 164.6 | |||||||
| Grants | 345.0 | 364.3 | 399.9 | 444.1 | |||||||
| To EBUs | 45.5 | 35.6 | 39.1 | 51.6 | |||||||
| To Local Government | 299.4 | 299.4 | 354.8 | 392.6 | |||||||
| Social benefits | 23.7 | 25.2 | 28.2 | 32.0 | |||||||
| Other expense | 87.5 | 107.8 | 120.5 | 137.1 | |||||||
| Net Operating Balance | |||||||||||
| including grants | 292.3 | 384.0 | 441.4 | 445.6 | |||||||
| excluding grants | -37.9 | 25.1 | 15.96 | 28.9 | |||||||
| Net acquisition of nonfinancial assets | 641.4 | 728.8 | 899.0 | 914.47 | |||||||
| Foreign financed | 341.2 | 387.1 | 402.3 | 466.4 | |||||||
| Domestically financed | 300.1 | 341.7 | 496.7 | 448.1 | |||||||
| Net lending (+) / borrowing (-) | |||||||||||
| including grants | -349.1 | -344.7 | -457.6 | -468.8 | |||||||
| excluding grants | -679.2 | -703.6 | -883.0 | -885.6 | |||||||
| Net acquisition of financial assets | 26.5 | 114.9 | -49.1 | -118.7 | |||||||
| Currency and deposits | 8.8 | 48.3 | -49.1 | -118.7 | |||||||
| Equity and investment fund shares | -8.8 | 9.6 | 0.0 | 0.0 | |||||||
| Loans | 26.4 | 57.0 | 0.0 | 0.0 | |||||||
| Net incurrence of liabilities | 362.0 | 448.3 | 408.5 | 350.2 | |||||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Debt securities | 56.1 | 86.5 | 49.8 | 49.8 | |||||||
| Loans | 296.3 | 326.9 | 385.9 | 331.0 | |||||||
| Other accounts payable | 9.6 | 34.9 | -27.2 | -30.6 | |||||||
| Statistical discrepancy | 13.6 | 11.3 | 0.0 | 0.0 | |||||||
| Memorandum items: | |||||||||||
| Domestic revenue (incl. Local government) | 1,289 | 1,462 | 1,636 | 1,836 | |||||||
| Wage bill | 413.0 | 443.3 | 502.3 | 574.7 | |||||||
| Overall fiscal balance (incl. grants, commitment basis) | -366.7 | -411.4 | -457.6 | -468.8 | |||||||
| Net domestic financing (excl. policy lending and OAP) | -- | -- | -49.1 | -118.7 | |||||||
Fiscal year runs from July to June.
Rwanda: Financial Operations of the Budgetary Central Government, GFSM 20141
(billions of Rwandan Francs)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act . | Act . | Proj. | Proj. | ||||||||
| Revenue | 1,571 | 1,767 | 1,997 | 2,180 | |||||||
| Taxes | 1,035 | 1,180 | 1,305 | 1,495 | |||||||
| Taxes on income, profits, and capital gains | 403.7 | 452.6 | 549.6 | 617.8 | |||||||
| Taxes on property | 0.6 | 0.0 | 0.0 | 0.0 | |||||||
| Taxes on goods and services | 530.0 | 605.1 | 645.9 | 749.4 | |||||||
| Taxes on international trade and transactions | 80.7 | 83.5 | 109.4 | 127.3 | |||||||
| Other taxes | 20.0 | 38.9 | 0.0 | 0.0 | |||||||
| Social contributions | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Grants | 330.2 | 358.9 | 425.4 | 416.7 | |||||||
| Current | 184.2 | 190.2 | 192.3 | 194.0 | |||||||
| Capital | 146.0 | 168.7 | 233.1 | 222.8 | |||||||
| Other revenue | 205.9 | 227.6 | 266.5 | 268.6 | |||||||
| Property income | 7.6 | 9.6 | 14.6 | 14.7 | |||||||
| Sales of goods and services | 163.3 | 182.8 | 236.9 | 238.7 | |||||||
| Fines, penalties, and forfeits | 35.1 | 35.1 | 12.7 | 12.8 | |||||||
| Voluntary transfers other than grants | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Miscellaneous and unidentified revenue | 0.0 | 0.0 | 2.4 | 2.4 | |||||||
| Expense | 1,279 | 1,383 | 1,555 | 1,734 | |||||||
| Compensation of employees | 237.0 | 251.7 | 285.2 | 330.8 | |||||||
| Use of goods and services | 427.2 | 442.5 | 468.9 | 500.5 | |||||||
| Interest | 72.2 | 91.6 | 103.1 | 125.0 | |||||||
| To nonresidents | 36.9 | 36.9 | 47.6 | 50.8 | |||||||
| To residents other than general government | 35.3 | 35.3 | 55.4 | 74.3 | |||||||
| Subsidies | 86.2 | 99.5 | 149.8 | 164.6 | |||||||
| Grants | 345.0 | 364.3 | 399.9 | 444.1 | |||||||
| To EBUs | 45.5 | 35.6 | 39.1 | 51.6 | |||||||
| To Local Government | 299.4 | 299.4 | 354.8 | 392.6 | |||||||
| Social benefits | 23.7 | 25.2 | 28.2 | 32.0 | |||||||
| Other expense | 87.5 | 107.8 | 120.5 | 137.1 | |||||||
| Net Operating Balance | |||||||||||
| including grants | 292.3 | 384.0 | 441.4 | 445.6 | |||||||
| excluding grants | -37.9 | 25.1 | 15.96 | 28.9 | |||||||
| Net acquisition of nonfinancial assets | 641.4 | 728.8 | 899.0 | 914.47 | |||||||
| Foreign financed | 341.2 | 387.1 | 402.3 | 466.4 | |||||||
| Domestically financed | 300.1 | 341.7 | 496.7 | 448.1 | |||||||
| Net lending (+) / borrowing (-) | |||||||||||
| including grants | -349.1 | -344.7 | -457.6 | -468.8 | |||||||
| excluding grants | -679.2 | -703.6 | -883.0 | -885.6 | |||||||
| Net acquisition of financial assets | 26.5 | 114.9 | -49.1 | -118.7 | |||||||
| Currency and deposits | 8.8 | 48.3 | -49.1 | -118.7 | |||||||
| Equity and investment fund shares | -8.8 | 9.6 | 0.0 | 0.0 | |||||||
| Loans | 26.4 | 57.0 | 0.0 | 0.0 | |||||||
| Net incurrence of liabilities | 362.0 | 448.3 | 408.5 | 350.2 | |||||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Debt securities | 56.1 | 86.5 | 49.8 | 49.8 | |||||||
| Loans | 296.3 | 326.9 | 385.9 | 331.0 | |||||||
| Other accounts payable | 9.6 | 34.9 | -27.2 | -30.6 | |||||||
| Statistical discrepancy | 13.6 | 11.3 | 0.0 | 0.0 | |||||||
| Memorandum items: | |||||||||||
| Domestic revenue (incl. Local government) | 1,289 | 1,462 | 1,636 | 1,836 | |||||||
| Wage bill | 413.0 | 443.3 | 502.3 | 574.7 | |||||||
| Overall fiscal balance (incl. grants, commitment basis) | -366.7 | -411.4 | -457.6 | -468.8 | |||||||
| Net domestic financing (excl. policy lending and OAP) | -- | -- | -49.1 | -118.7 | |||||||
Fiscal year runs from July to June.
Rwanda: Financial Operations of the Budgetary Central Government, GFSM 20141
(percent of GDP)
Fiscal year runs from July to June.
Rwanda: Financial Operations of the Budgetary Central Government, GFSM 20141
(percent of GDP)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act . | Proj. | Proj. | ||||||||
| Revenue | 22.1 | 22.1 | 22.3 | 21.5 | |||||||
| Taxes | 14.5 | 14.8 | 14.6 | 14.7 | |||||||
| Taxes on income, profits, and capital gains | 5.7 | 5.7 | 6.1 | 6.1 | |||||||
| Taxes on property | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Taxes on goods and services | 7.4 | 7.6 | 7.2 | 7.4 | |||||||
| Taxes on international trade and transactions | 1.1 | 1.0 | 1.2 | 1.3 | |||||||
| Other taxes | 0.3 | 0.5 | 0.0 | 0.0 | |||||||
| Social contributions | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Grants | 4.6 | 4.5 | 4.8 | 4.1 | |||||||
| Current | 2.6 | 2.4 | 2.2 | 1.9 | |||||||
| Capital | 2.0 | 2.1 | 2.6 | 2.2 | |||||||
| Other revenue | 2.9 | 2.8 | 3.0 | 2.6 | |||||||
| Expense | 17.9 | 17.3 | 17.4 | 17.1 | |||||||
| Compensation of employees | 3.3 | 3.1 | 3.2 | 3.3 | |||||||
| Use of goods and services | 6.0 | 5.5 | 5.2 | 4.9 | |||||||
| Interest | 1.0 | 1.1 | 1.2 | 1.2 | |||||||
| To nonresidents | 0.5 | 0.5 | 0.5 | 0.5 | |||||||
| To residents other than general government | 0.5 | 0.4 | 0.6 | 0.7 | |||||||
| Subsidies | 1.2 | 1.2 | 1.7 | 1.6 | |||||||
| Grants | 4.8 | 4.6 | 4.5 | 4.4 | |||||||
| To EBUs | 0.6 | 0.4 | 0.4 | 0.5 | |||||||
| To Local Government | 4.2 | 3.7 | 4.0 | 3.9 | |||||||
| Social benefits | 0.3 | 0.3 | 0.3 | 0.3 | |||||||
| Other expense | 1.2 | 1.3 | 1.3 | 1.3 | |||||||
| Net Ope rating Balance | |||||||||||
| including grants | 4.1 | 4.8 | 4.9 | 4.4 | |||||||
| excluding grants | -0.5 | 0.3 | 0.2 | 0.3 | |||||||
| Net acquisition of nonfinancial assets | 9.0 | 9.1 | 10.1 | 9.0 | |||||||
| Foreign financed | 4.8 | 4.8 | 4.5 | 4.6 | |||||||
| Domestically financed | 4.2 | 4.3 | 5.6 | 4.4 | |||||||
| Net lending (+) / borrowing (-) | |||||||||||
| including grants | -4.9 | -4.3 | -5.1 | -4.6 | |||||||
| excluding grants | -9.5 | -8.8 | -9.9 | -8.7 | |||||||
| Net acquisition of financial assets | 0.4 | 1.4 | -0.5 | -1.2 | |||||||
| Currency and deposits | 0.1 | 0.6 | -0.5 | -1.2 | |||||||
| Equity and investment fund shares | -0.1 | 0.1 | 0.0 | 0.0 | |||||||
| Loans | 0.4 | 0.7 | 0.0 | 0.0 | |||||||
| Net incurrence of liabilities | 5.1 | 5.6 | 4.6 | 3.4 | |||||||
| Currency and deposits | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Debt securities | 0.8 | 1.1 | 0.6 | 0.5 | |||||||
| Loans | 4.2 | 4.1 | 4.3 | 3.3 | |||||||
| Other accounts payable | 0.1 | 0.4 | -0.3 | -0.3 | |||||||
| Statistical discrepancy | 0.2 | 0.1 | 0.0 | 0.0 | |||||||
| Memorandum items: | |||||||||||
| Domestic revenue (incl. Local government) | 18.1 | 18.3 | 18.3 | 18.1 | |||||||
| Wage bill | 5.8 | 5.5 | 5.6 | 5.7 | |||||||
| Overall fiscal balance (commitment basis) | -5.1 | -5.1 | -5.1 | -4.6 | |||||||
| Net domestic financing (excl. policy lending) | -- | -- | -0.5 | -1.2 | |||||||
| GDP (Billions of RwF), FY basis | 7,125 | 7,993 | 8,937 | 10,162 | |||||||
Fiscal year runs from July to June.
Rwanda: Financial Operations of the Budgetary Central Government, GFSM 20141
(percent of GDP)
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act . | Proj. | Proj. | ||||||||
| Revenue | 22.1 | 22.1 | 22.3 | 21.5 | |||||||
| Taxes | 14.5 | 14.8 | 14.6 | 14.7 | |||||||
| Taxes on income, profits, and capital gains | 5.7 | 5.7 | 6.1 | 6.1 | |||||||
| Taxes on property | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
| Taxes on goods and services | 7.4 | 7.6 | 7.2 | 7.4 | |||||||
| Taxes on international trade and transactions | 1.1 | 1.0 | |||||||||