Uganda’s 2019/20 budget:“Industrialization for job creation and shared prosperity”.
The Minister of Finance, Planning and Economic Development Matia Kasaija will today at 2 pm present the financial year 2019/20 national budget of Shs 40.5 trillion up from last year’s Shs 32.7 trillion.
Kasaija will read the budget to parliament on behalf of President Yoweri Museveni who will later comment about the figures after the presentation at the Serena International Conference Centre in Kampala.
Under the theme “Industrialization for job creation and shared prosperity”, the 2019/2020 budget is structured along six major thematic areas including harnessing key growth sectors of Agriculture & Agro-Industry, Tourism, OiI, Gas, and Minerals; enhancing private sector growth and development; promoting human capital development and strengthening public sector investments.
The others are improving governance and sustaining security; developing a financing framework anchored on both an effective domestic revenue mobilization strategy and a responsive debt management strategy.
According to the approved figures, Works and Transport sector takes the largest share of the budget with an allocation of Shs 6.4 trillion up from Shs 4.7 trillion, it is followed by the Security sector with Shs 3.6 trillion up from Shs 2.06 trillion and the Education sector allocated Shs 3.2 trillion up from Shs 2.7 trillion.
Under the recently enacted Public Finance Management Act 2015, the budget is supposed to be passed before it is read which was done by parliament presided over by the deputy speaker Jacob Oulanya on May 24, 2019.
Uganda’s Debt hampering target income status:
According to the opposition Democratic Party president Nobert Mao, it is still a dream for Uganda to achieve the middle income status by 2025 due to Uganda’s Debt stands at Shs41.51 trillion and more loans are being acquired.
President Yoweri Museveni recently pledged more effort to achieve the middle income status which requires every Uganda out of the over 40 million people to have earned and utilized 4 million per year.
Interest financing on advanced loans will be 9.6 per cent of the total budget of the 2019/20 financial year.