The government has projected to spend up to Shs45.5 trillion in the Financial Year 2020/2021, indicating a rise of about 12.3 per cent compared to the previous year.
External debt repayment is projected to take up to Shs1.2 trillion, while domestic refinancing is to eat up 7.5 trillion while Shs40b will be directed to domestic arrears.
The 2020/2021 Budget will kick start the Third National Development Plan (NDP III) with critical focus on “Industrialisation for Job Creation and Shared Prosperity.”
The theme is to enhance capacity for import substitution, spur local industrial growth with emphasis on agro-industrialisation, which according to the Minister of State for Planning, Mr David Bahati, “will turn Uganda from a net importer to a net exporter of processed agricultural products and others.”
Mr Bahati said government has earmarked Shs2.8 trillion to finance interventions, including improvement of yields and productivity through use of modern inputs, supporting area-based commodity value chains, speeding up titling process and strengthening physical planning for production land.
Others are expanding the agricultural insurance, improving post-harvest handling and primary processing through provision of rural infrastructure, including storage infrastructure and increasing access to long-term finance.
Source: DM
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