By Otai James
State Minister of Finance in charge of General Duties, Hon. Henry Musasizi, has presented to Parliament Uganda’s economic growth.
According to the Government in the 2022/2023 Financial Year, Uganda’s economy grew to sh184.89 trillion ($49.5b), up from sh162.750 trillion ($45.6 billion registered in the 2021/2022 financial year. “In real terms, the economy grew by 5.2 percent in the 2022/2023 Financial Year, better than 4.6 percent registered in the 2021/22 Financial Year,” Musasizi said.
He explained that the economy is projected to grow by 6.0 percent by the end of 2023/24 Financial Year, 6.5 percent in 2024/2025 financial year, and at least 7 percent over the medium term.The National draft budget was presented and approved by the Cabinet on December 11, 2023. It was accompanied by certificates including the certificate of Gender and Equity Compliance as well as climate change responsiveness.
State Minister of Finance in charge of General Duties, Hon. Henry Musasizi, consulting Rt Hon Speaker Anita Among in Parliament
According to the Public Finance Management Act 2015 (amended), the Government is required to table the Budget Framework Paper before Parliament, not later than December 31. According to the budget schedule issued by Parliament, sectoral Committees will have to report to the Budget Committee on the National Budget Framework Paper by January 15, 2024.The budget committee will then have to report to the House on the national budget framework paper by January 25, 2024.
“The Ministerial Policy Statements will have to be tabled in the House by March 10, 2024, and alternative policy statements will as well be tabled in the House by the Shadow Cabinet by March 20, 2024,” speaker Anita Among said.Among said the proposed annual budget for the 2024/25 financial year, will have to be tabled in the House by March 25, 2024.
The Sectoral Committees will report on the Ministerial Policy Statements by 15th April 2024 and the Tax Bills are expected to be tabled by May 01, 2024.