Uganda’s public debt is projected to increase by 51.9 % in the next financial year 2021/2022 on account of borrowing and finance key priority areas like infrastructures including Road projects, and oil and gas sector as well as Defense and security according to the finance minister Hon. Matia kasaija.
Kasaija revealed this during the launch of the National Budget week 2021 ,2022 and explained why Uganda is prioritizing Security more in this next financial year adding that the Government has the capacity to sustain its debt burden .
He adds that despite the impact of covid19 to Uganda’s economy, the economy has expanded to Ugx 138,841 billion from 131,406 billion shillings in the financial year 2018/2019 respectively as he further noted that the next financial year is projected to grow by 4.3 %from 3.1% in financial year 2020 ,21 which is soon expiring.
However the Government remains optimistic that oil and gas sector will be beneficial in transforming Uganda’s economy to another level through job creation, and infrastructure development.
Mean while ,Commissioner general of Uganda Revenue Authority John Musinguzi has pledged to support the ministry of finance in its effort of planning for the nation by ensuring that taxi is efficiently and effectively collected.