National Budget Month for FY 2024/2025 launched
KAMPALA, June 4, 2024 – The Ministry of Finance, Planning and Economic Development [MOFPED] has launched the National Budget Month for the Financial Year [FY] 2024/2025 during a function held at Kampala Serena Hotel.
The launch of the National Budget Month comes a few days before Finance Minister, Matia Kasaija reads the Shs 72 trillion budget for the next financial year on June 13, 2024.
During the National Budget Month, MOFPED plans to undertake various activities to further reach the public. They include pre and post-budget speech media engagements on topical issues on the budget/economy [ June 5-12, 2024], the budget reading on June 13, 2024, post-budget speech dialogues including the post-budget EAC tax and debt dialogue, and national dialogue on tax measures for FY 2024/2025.
Others are private sector Post-budget dialogue and dialogue on wealth creation, business and economic recovery [June 18, 2024] and regional dialogues from June 19-July 2, 2024, regional private sector/ taxpayers dialogues on opportunities in the budget and tax measures, and dialogue with journalists and editors on the national budget.
The objectives of the National Budget Month 2024 are: To account for the public resources, spent in the FY 2023/24 and the impact on both the economy as well the social transformation indicators; provide an opportunity for the citizens to give feedback on the tax regime for FY 2023/2024 as well as the proposed measures for FY 2024/2025.
The Month is meant to popularise the ten-fold growth of the economy strategy and the fiscal consolidation agenda for effective uptake and support of the associated reforms; popularise the budget for FY 2024/2025 for the citizens to appreciate the opportunities therein; prepare to exploit them for wealth creation and social economic transformation and hold government accountable during implementation.
Other objectives are; To enable citizens, civil society organisations, and other stakeholders to participate in the finalisation of the Fourth National Development Plan [NDPIV] to ensure that their expectations are taken care; and building trust between the government and citizens through increased transparency and open communication.
Speaking at the function, Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, said the budget preparation process for the FY 2024/2025, involved wide consultations with various stakeholders, and the budget focuses on commercial agriculture, industrialisation, services, digital transformation, and market access.
“Key priority areas include human capital development, peace and security, infrastructure development, and wealth creation initiatives. The budget aims to support growth drivers like agro-industrialisation, tourism, mineral-based industrial development, and science, technology, and innovation,” he said.
Ggoobi encouraged Ugandans to take advantage of the opportunities in the new budget, and challenged the media in Uganda to effectively communicate the budget’s contents and opportunities to the public.
While launching the National Budget Month, State Minister for Privatisation Evelyn Anite applauded MOFPED, and citizens for participating in the budgeting process, and called on civil society to join the fight against corruption, and thanked partners such as United Nations Children’s Fund [UNICEF] for contributing to Uganda’s development.
She added: “Citizens are tired of eating their money, they’re about to stone us. But friends, as we launch this budget, let’s raise up and call the corrupt out. With this, I can assure you that this corruption will stop.”
Dr. Arthur Bainomugisha, Executive Director ACODE Uganda: Corruption wastes the scarce resources that we have to invest in production and other sectors of the economy. We cannot relax in the fight against corruption.
Meanwhile, the 2023 Open Budget Survey Results, launched globally on May 29, 2024, highlight Uganda’s commendable performance.
Fred Jachan Omach, Chairperson Board of Directors Uganda Debt Network [UDN] delivered the Open Budget Survey results report in Kampala showing that Uganda scored 59 percent coming in first place in the East African region and ranked 44th out of 125 countries globally.
“The Open Budget Survey assesses three key areas: public access to budget information, public participation in the budget process, and oversight institutions’ role in the budget process,” he said.
Commenting on the report, Dr. Munir Safieldin, UNICEF Representative to Uganda said the country has made significant strides in its development agenda, effectively allocating, utilising, and reporting on its scarce resources.
“The decline in multidimensional child poverty, currently at 44 percent from 56 percent in 2017, is a testament to these efforts. However, we must continue to invest more to ensure all children transition safely into productive adulthood,” he said.
https://thecooperator.news/mbarara-city-approve-shs-51-4bln-budget-for-next-financial-year/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
Views: 5
