President Yoweri Kaguta Museveni, accompanied by the First Lady Ms. Janet Museveni, attended the reading of the 2024/2025 financial year national budget at the Kololo Independence Grounds in Kampala. This significant event marks the fifth and final year of implementing the National Development Plan III (NDP III), setting the stage for the upcoming NDP IV, which aims to drive the first five years of Uganda Vision 2040's ambitious economic growth strategy.
The session was officially opened by the Speaker of Parliament, Anita Among, who proclaimed, "In accordance with rule 17(1) of the rule of procedure, the Parliament shall sit at Kololo Ceremonial Ground on Thursday, 13th June 2024 at 14:00 hours to receive the address of His Excellency Yoweri Kaguta Museveni on the national budget for the financial year 2024-2025."
Finance Minister Matia Kasaija presented the record-high Shs72 trillion national budget, which is themed, “Full Monetisation of the Ugandan Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation, and Market Access.”
During a pre-budget discussion on NTV, Allan Senyondwa, the Acting Manager of Policy and Advocacy at the Uganda Manufacturers’ Association, emphasized the importance of proper regulation in key sectors to ensure the effectiveness of the substantial budget. "As a manufacturer, you are literally in the middle of compliance. Our only challenge has been the regulation and its enforcement. So once this aspect is sorted, things will be okay," Senyondwa stated, urging the government to follow through on its policies.
The Ministry of Trade has outlined several measures to be undertaken in the financial year 2024-25 to support manufacturing and trade. These include strengthening the capacity of cooperatives to provide financial resources for manufacturing and implementing appropriate financing mechanisms to support the sector. Geraldine Ssali, the Permanent Secretary of the Ministry of Trade, highlighted the ministry's plans to focus on logistics and trade facilitation infrastructure and signing bilateral agreements to guarantee market access.
Additionally, Ssali mentioned that the ministry would implement activities of the Sugar Industry Stakeholder Council and support amendments to the Sugar Act and its regulations. These amendments aim to bolster existing sugar factories' ability to produce industrial sugars.
As Uganda transitions from NDP III to NDP IV, the focus remains on transforming the economy through strategic investments in agriculture, industry, services, and digital sectors. The successful implementation of these plans is expected to pave the way for substantial economic growth, in line with Uganda Vision 2040's goals.
The reading of the national budget is a pivotal event in Uganda's economic calendar, reflecting the government's commitment to driving development and ensuring the prosperity of its citizens.
