State Minister of Finance Hon. Henry Musasizi while meeting the Finance Committee earlier today revealed that by June next year, the country's general debt will be 66trillion shillings. Yes, that's how much the 256 will have in debt come the next financial year.
This was after he (Musasizi) proposed to the committee that the finamnce ministry plans to borrow 2trillion shillings to cater for the suplementary budget that was passed earlier. The minister had met with the committee to explain the avenues of getting the supplementary budget of 3800trillions.
In his presentation, 1298trillion are to be cut off from departmental budgets, 2048trillions to be borrowed and 471 to be got from grants. This left the committee members furious, stating that much of the items calling for a supplementary budget are not that important. "We cannot be sitting here allocating money to new items without plannong for areas that have been suppressed. It is WRONG!" said Bugweri county MP Abdu Katuntu.
Butambala MP Ahmend Muwanga Kivumbi also indicated that the move to borrow is not a good one but rather sinking the economy the more. "We are going to borrow domestically 2048trillions. That means we're borrowing but also suppressing." Well well, remember that notorious article in the papers that showed every Ugandan has a dedt of 1.5m to pay? Gwuess it has now doubled.
