By Alowo Judith
The Ministry of Finance Planning and Economic Development has tabled before Parliament the National Budget Framework Paper for the Financial Year 2024/2025, putting the National Budget at Ugx 52.7 trillion.
According to the State Minister of Finance in charge of General Duties, Hon. Henry Musasizi, the theme for the budget is “full monetization of the Ugandan economy through commercial agriculture, industrialization, expanding and broadening services, digital transformation and market access”.
According to the National Budget Framework Paper, which contains details of the budget, the Government has set investment into the people of Uganda, as the major priority during the next Financial Year.
State Minister of Finance in charge of General Duties, Hon. Henry Musasizi addressing Parliament on December 13, 2023
The Government also highlighted peace and security, roads, electricity generation and transmission lines as some of the other priorities for the next Financial Year 2024/2025. It also plans to prioritize money earning investments and effective management of natural disasters.
According to Musasizi, the Government has identified other five growth areas in the strategy, which include the grow the economy tenfold, from the current base of $49.5b in the current Financial Year (2023/24), to $500b over the next 15 years, starting 2024/2025 Financial Year.The five strategic areas include Tourism development, Agro-industry development and mineral-based industrial development. Others are oil and gas development including petrochemical industries, as well as knowledge economy, for improved economic growth.
“In line with the programme approach of planning and budgeting, complementary interventions will be undertaken in all the National Development Plans (NDP III) programs to facilitate achievement of the targets in the above strategic areas,” Musasizi said.
The Government plans to deepen the fiscal consolidation, through improved revenue collection, continued repurposing of the budget to improve efficiency and effectiveness of public expenditure, as well as controlled borrowing to reduce debt servicing costs while supporting faster social–economic transformation.
The Government also wants to focus on the implementation of a public investment financing strategy, by exploring alternative and more sustainable sources of financing, including Public-Private Partnerships (PPPs), private equity funds, capital markets, and climate financing including carbon credit markets among others. It further wants to improve efficiency in the execution of projects and public investments, for improved implementation of the budget.
The Parliament of Uganda marking the 22nd Sitting of the 1st Meeting of the 3rd Session of the 11th Parliament. This Sitting was chaired by the Speaker Rt. Hon. Anitah Among.