Uganda’s total budget for the 2017/2018 financial year will be Ugx 28.9 trillion.
State Minister of Finance, David Bahati presented a motion for consideration of the budget estimates for the financial year to Parliament today, highlighting that out of the total budget, Ugx 21.8 trillion will come from domestic financing and Ugx 7 trillion will be from external financing.
Bahati said Ugx 9.9 trillion accounts for statutory expenditure, meaning that the total expenditure due for appropriation is Ugx 19 trillion.
The minister noted that there has been a slowdown in economic growth due to weak demand for Uganda’s exports, adverse weather conditions and prolonged conflicts in South Sudan and Burundi.
Other issues included slow pace of recovery of the global economy and delay in implementation of key projects.
Bahati said despite this, the economy is expected to rebound to a growth of between 6 to 7% in the 2017/2018 financial year.
He said this is envisaged through government interventions to reduce the cost of electricity and doing business investment in key infrastructure especially oil-related infrastructure and export promotion, among others.
Bahati said the 2017/2018 financial year will focus on increasing agricultural production and productivity for food security, as well as export promotion; enhancing private sector development; intensifying energy and transport infrastructure development; boosting domestic revenue collections as well as undertaking oil related infrastructure to support commercialization of oil and gas to target the 2020 deadline.