President Museveni, accompanied by the First Lady Ms. Janet Museveni have graced the reading of the 2024/2025 financial year national budget at the Kololo Independence Grounds in Kampala.
This is the 5th and final implementation year of National Development Plan III (NDP III).
NDP IV will implement the first five years of the strategy for growing the economy 10-fold under the Uganda Vision 2040. As mandated by law, the Speaker of parliament Anita Among has opened the session.
“In accordance with the rule 17(1) of the rule of procedure the parliament I hereby proclaim that parlimanet have to sit at kololo ceremonial ground on Thursday 13th June 2024 at 14:00hours to receive the address of his excellence Yoweri Kaguta Museveni national burget of the financial year 2024-2025,” she said.
Finance minister Matia Kasaija is currently presenting the record high Shs72 trillion national budget themed, “full monetisation of the Ugandan economy through commercial agriculture, industrialization, expanding and broadening services, digital transformation, and market access”.
Meanwhile manufacturers have said that the only way to make the record high shs72 trillion budget effective is ensuring proper regulation of key sectors.
Speaking during a pre-budget discussion on NTV this afternoon, Allan Senyondwa the acting manager policy and advocacy at the Uganda Manufacturers’ Association noted that as a sector they have always complied with all the tax regimes, urging the government to follows up on all its policies.
“As a manufacturer you are literally in the middle of compliancy, our only challenge has been the regulation and its enforcement, so once this aspect is sorted things will be okay,” said Senyondwa.
Relatedly, the ministry of trade has listed measures to be undertaken in the financial year 2024-25 such as strengthening the capacity of Cooperatives to provide finances for Manufacturing and provide appropriate financing mechanisms to support manufacturing.
The ministry of trade permanent secretary Geraldine Ssali says they plan to focus on implementation of logistics and trade facilitation infrastructure and signing of bilateral agreements to guarantee market access.
She adds that the Sugar Industry Stakeholder Council Activities will be implemented and amendments to the Sugar Act and Regulations of the Act also support existing sugar factories to produce industrial sugars