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CSO Statement at the National Budget Conference on the FY2024/25
Posted on: 2023-12-14 12:04:24
Uganda's economy has demonstrated resilience to external shocks, with a consistent upward growth trajectory in its Gross Domestic Product (GDP). For this fiscal year 2023/24, Uganda anticipates an impressive GDP growth rate of 6 percent, compared to the previous fiscal year's 5.3%, showcasing the resilience of the nation's economy. This positive momentum is further evidenced by Uganda's strengthening trade balance within the East African Community, resulting in a trade surplus of $114.54 million (approximately Shs418.337 billion), reflecting substantial growth from the previous year. Notably, a significant reduction in core inflation from 9% in January 2023 to 3.5 percent in August 2023 has been achieved, attributing this accomplishment to coordinated fiscal and monetary policies and increased food production. These achievements collectively demonstrate the nation's commitment to economic stability and sustainable growth.
In addition to economic progress, Uganda has made commendable strides in enhancing budget transparency and accountability. Timely reports and adherence to financial regulations have characterized the government's commitment to fiscal responsibility. The Ministry of Finance's consistent release of funds by the 10th of the first month of each quarter has ensured smooth operations across various sectors, with a release of Ugx 4.833 trillion, representing 16 percent of the discretionary budget. Furthermore, the government's investment in Local Governments, with an increased budget allocation from UGX 5.04 trillion to UGX 5.39 trillion for FY 2023/24, is poised to enhance connectivity, trade opportunities, and revenue collection at the grassroots level. This fiscal year, Local Governments are projected to collect revenue worth Ugx. 287 billion, marking a substantial increase of Ugx 48.5 billion from the previous year, thereby fostering economic growth and development at the local level.
The FY 2024–2025 is anticipated to build upon and consolidate the progress made thus far. For this to happen, at the FY 2024/25 budget meeting, civil society organizations ACODE and CSBAG—leading the way in promoting sustainable, gender-responsive, and equitable development in Uganda—raised concerns that need attention. The two organizations work to ensure that the opinions of the disadvantaged and marginalized are heard during the national budgetary processes. As a result, ACODE and CSBAG presented issues for consideration at the budget conference that kickstarted the FY 2024–2025 budgeting process.PDF Version