KIGALI (Reuters) - Rwanda expects its budget deficit for 2013/14 to fall to 5.5 percent of gross domestic product from 6.1 percent this fiscal year, although some donors have reduced or delayed aid for the country's budget, a government paper showed.
The Budget Framework Paper, obtained by Reuters, also projected that Rwanda's economy would grow by 7.5 percent in both 2013 and 2014, after expanding by about 8 percent in 2012.
Still, the latest forecasts miss a target to average growth of 11.5 percent over five years, as part of a goal to achieve middle income status with per capita GDP of $1,240 by 2020.
The government under President Paul Kagame has been praised for turning Rwanda around from the chaos of the 1994 genocide into a fast-growing and business-friendly economy. The country's first Eurobond, which it launched last month, was heavily oversubscribed.
But several international donors have cut or held back valuable aid for Rwanda over its alleged backing of rebels in the neighbouring Democratic Republic of Congo, a charge Kigali denies.
The budget framework must be approved by parliament, which is dominated by Kagame's party. The framework projects revenues and grants of 1,287.3 billion Rwandan francs in fiscal year from July, compared with 1,149.5 billion francs this fiscal year, with part of the extra funds coming from higher tax revenues.
The projected 2013/14 deficit of 297.7 billion francs would be financed by a mixture of domestic and foreign borrowing.
The paper forecast that the deficit would fall to 3.7 percent of GDP in 2014/2015 and 3.1 percent by 2015/2016.
The government paper said budgetary grants were expected to fall to 170.7 billion francs in the fiscal year starting in July from 197.9 billion francs this year. It said this estimate was due to the fact that some donors had not yet finalised their financing plans for Rwanda.
"It is expected that when these plans are finalised they will result in increased support for the budget," it said.
The public debt stood at $1.65 billion in 2012, or 23.3 percent of GDP, of which external debt accounted for $1.17 billion, the paper showed.
Source: http://news.yahoo.com/rwanda-expects-cut-deficit-5-5-pct-gdp-064741769.html
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