Kigali, 11 May 2026 – The Minister of Finance and Economic Planning, Yusuf Murangwa, today on behalf of the Government, presented the Budget Framework Paper (BFP), a medium-term guide outlining Rwanda’s macroeconomic and fiscal policy directions for the FY 2026/27 to 2028/29.

Guided by national economic policies over the medium term, the budget for fiscal year 2026/27 will align with the medium-term fiscal consolidation path, supporting the implementation of the National Strategy for Transformation (NST2) goals while maintaining public debt at sustainable levels.

Minister Murangwa noted that despite various disruptions, Rwanda’s economy remained resilient, achieving a robust growth rate of 9.4% in 2025, exceeding the previously projected 7%. This growth was driven by strong performances in the industry sector (11%) service sector (9%), as well as agriculture sector (7%)

“Rwanda’s growth momentum remains strong, despite a challenging environment caused by war in the middle east, climate change effects, geopolitical tensions, trade wars, among other factors. The Government remains committed to maintaining macroeconomic stability and fostering inclusive growth by investing in strategic sectors such as energy, agriculture, manufacturing, healthcare, social protection, and education,” Minister Murangwa stated.

Proposed 2026/27 Budget Estimates

The Government plans to allocate Frw 7,796.3 billion for the 2026/27 fiscal year, representing Frw 844.2 increase from the Frw 6,952.1 billion approved in the revised budget of FY 2025/26. This increase mainly reflects strategic investments in projects such as the New Kigali International Airport construction, located in Bugesera, Rwandair expansion and the subsidization of fertilizers to minimize the impact of the war in the middle east. 

Total resources for the 2026/27 fiscal year, comprising domestic revenues of Frw 5,273.8 billion, of which Frw 4,429.1 billion is from tax revenue, Frw 582.4 billion from other revenues, Frw 123.6 billion from acquisition of financial assets and Frw 138.8 billion from domestic financing . External grants are estimated at Frw 548.3 billion while external loans are expected to amount to Frw 1,974.1 billion.

On the expenditure side, the budget is projected at Frw 7,796.3 billion, including Frw 4,779.1 billion for recurrent spending including salaries and goods and services while Frw 3,017.2  will be allocated to capital spending.

Priorities Embedded in NST2 and Vision 2050

The BFP 2026/27–2028/29 is guided by Vision 2050 objectives and priorities embedded in the National Strategy for Transformation (NST2, 2024-2029), Presidential pledges and other strategic documents. 

• Under the Economic Transformation Pillar, the budget will accelerate inclusive growth in agriculture, industry and services, increasing climate resilience in all productive sectors, development of domestic manufacturing industries and exports to reduce the trade deficit, developing a vibrant financial sector as well as creating sustainable and decent jobs. 

• Under the Social Transformation Pillar budget allocations will focus on improving the quality and relevance of education, enhancing quality of health and strengthening health systems, enhancing nutrition and early childhood development to reduce stunting as well as promoting graduation from poverty and increasing social resilience. 

• Under the Transformational Governance Pillar, the focus will be on improving the quality-of- service delivery and public finance management, ensuring the rule of law, strengthening citizen engagement and participation, sustaining peace and security as well as enhancing international cooperation. 

The Budget Framework Paper for 2026/27–2028/29 serves as the medium-term anchor for Rwanda’s fiscal policy, ensuring that annual budgets align with national development goals while keeping debt sustainable and growth inclusive. It lays the groundwork for the full 2026/27 budget, which will be presented to Parliament in June 2026