Budget Strategy for FY 2024/25 Aims to Strengthen National Development

The Budget Strategy for the Financial Year 2024/25 is set to play a pivotal role in the final year of the National Development Plan III. Finance Minister Matia Kasaija, on September 14, 2023, emphasized the significance of this strategy during the National Budget Conference for the Financial Year 2024/25. He outlined key priorities, with a focus on ensuring good governance, the rule of law, and the promotion of Human Capital Development, which he believes are fundamental to sustainable economic and social development.

Minister Kasaija presented the National Budget strategy, highlighting its support for the implementation of the last year of the National Development Plan III and its alignment with government programs such as the Parish Development Model.

Prime Minister Robinah Nabbanja emphasized the importance of strategies aimed at bolstering economic growth, particularly through initiatives to raise household incomes and improve living standards, particularly for the 39% of Ugandans engaged in subsistence farming.

Despite the country’s positive growth outlook of 6.5% in the medium term, there remains a growing concern among local development partners regarding the persistent mismatch in poverty levels.

Civil Society organizations have recommended that the government prioritize fiscal reforms and address challenges that hinder policy implementation at various levels. Dr. Arthur Bainomugisha, a senior economist, suggested that the government should consider re-nationalizing its agencies and directing investments towards production areas.

In the upcoming financial year 2024/25, the government aims to achieve its target of increasing domestic revenues by 0.5% of GDP, aligning with the annual revenue enhancement target of the National Development Plan III and the Domestic Revenue Mobilization Strategy.