Experts convene to discuss the FY2021/22 National Budget Priorities
The E-Conference was intended to provide a platform for discussion of the National Budget priorities to enable the public gain further understanding of the Budget and obtain feedback that can be used to implement the interventions in the Budget for FY2021/22.
Drake Nyamugabwa
Uganda Revenue Authority (URA) in partnership with Ministry of Finance, Planning and Economic Development held a post-budget e-conference under the theme “Sustainable Industrialization for Inclusive Growth, Employment and Wealth Creation” to discuss the next fiscal year national budget aimed at ensuring that the public gain more knowledge and insights about the budget
The conference, which took place at the Uganda Bureau of Statistics (UBOS) conference Hall, follows the reading of the budget speech on 10 June 2021 and is part of consultative process.
The E-Conference was intended to provide a platform for discussion of the National Budget priorities to enable the public gain further understanding of the Budget and obtain feedback that can be used to implement the interventions in the Budget for FY2021/22.
The panel discussion was moderated by Solomon Serwanja a journalist at NBS Television, and was comprised of Patrick Ocailap, Ag. PS/Secretary to the Treasury, Ministry of Finance, Michael Atingi-Ego, Deputy Governor BOU, and Julius Mukunda, Executive Director Civil Society Budget Advocacy Group (CSBAG).
Ocailap Patrick pictured above said that the budget for next Financial Year will focus on interventions which will sustain recovery from socio economic setbacks caused by Covid-19 and other shocks.
He added that the economy of the country grew despite the Covid19 pandemic.
“Despite the impact of COVID-19, the Ugandan economy grew by 3.3percent during FY2020/21 compared to the revised 3.0 percent registered in FY2019/2020,” Patrick Ocailap said.
“Wheras debt is projected to rise to 51.9% of GDP in FY 2021/22 on account of borrowing for infrastructure projects, this debt will decline on account of increased domestic revenue.” Ocailap added.
Ministry of Finance will in September 2021, come up with recommendations targeting sectors which have failed to absorb borrowed funds to finance development projects.
Ocailap said Accounting Officers will have to explain why these funds can not be used which makes the loans expensive.
In nominal terms, the size of the economy increased from UShs 139,711 Billion in FY 2019/20 to UShs. 148,278 Billion in Fiscal year (FY) 2020/21.
According to the FY2021/22 Budget Speech read by the Ministry of Finance, the growth rate is projected at 4.3% in FY2021/22.
