Uganda’s Economy Grew by 5.2% From 4.6% the Previous Fiscal Year – Finance Ministry

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The Minister of State for Finance Planning, and Economic Development, Henry Musasizi, has said that Uganda’s economy has grown from 4.6% last financial year to 5.6% this financial year.

He made these remarks while appearing before the Parliamentary Committee on Finance, Planning, and Economic Development on January 5, 2023.

According to Musasizi, the meeting was held to discuss the Budget Framework Papers for the Ministry of Finance (Vote 008) and Treasury Operations (Vote 130) for FY 2024–25.

“The economy grew by 5.2% in FY 2022/23, up from 4.6% the previous fiscal year,” Musasizi said.

Musasizi stated that FY 2022/23 was filled with many financial milestones, which included a reduction in the debt-to-GDP ratio from 48.4% to 46.9%, headline inflation slowed from a peak of 10.7% in October 2022 to 4.9% in June 2023, reducing further to 2.6% in December 2023, and the domestic revenue-to-GDP ratio improved from 13.2% in FY 2021/22 to 13.9% in FY 2022/23, although still below the NDP III target of 16%, among others.

He added that the ministry successfully distributed Ugx 1.0585 trillion (99% of the total PDM budget of Ugx 1.059 trillion) directly to the bank accounts of 10,585 PDM SACCOs in all 176 Local Governments and the Kampala Capital City Authority (KCCA).

“For the current fiscal year, the ministry plans to release PDM funds in Quarter 3 and Quarter 4 to align with the planting season,” Musasizi said.

The Minister of State for Planning, Amos Lugoloobi, who was in the company of Ramathan Ggoobi, the Permanent Secretary, and the Secretary to the Treasury, asked parliament to holistically discuss the development challenges of the country and solutions to those challenges by embracing the NDP111 programme approach.

According to Lugoloobi, NDP111 is the third National Development Plan, whose goal is to increase household incomes and improved quality of life.

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