Africa-Press – Uganda. Uganda’s economy is projected to grow at 6 percent in financial year 2023/2024, according to Finance Minister Matia Kasaija.
“Over the next five years, the economy is projected to grow at an average of 6.5-7% per year,” Mr Kasaija said Thursday as he read the national budget which he said is aimed at achieving the broad urgent completion of key public investments with higher multiplier effects on the attainment of NDPIII targets and the NRM 2021 – 2026 Manifesto; enhanced revenue mobilization and collections; full-scale operationalization of the Parish Development Model (PDM); and enhanced government efficiency and effectiveness through rationalization of public expenditure, payroll audit, among others.
According to the minister, for the new budget to realise its objectives, the ruling National Resistance Movement (NRM) which has been in power since 1986 under the stewardship of President Museveni plans to boost household incomes and micro enterprises; commercializing agriculture to enhance production and productivity and improve competitiveness of agricultural products; supporting private sector growth; and invest in the People of Uganda.
Further, the minister argued that Mr Museveni’s government plans to improve the stock and quality of infrastructure and to expedite implementation of strategic interventions in innovation, research and development, and the minerals, oil and gas industry.
“In order to effectively implement these strategic priorities, the Government shall ensure peace and security, good governance and the rule of law, as the bedrock for economic activities,” he said.
The minister said interventions like the Parish Development Model (PDM) which the government led by Mr Museveni, 78, has banked on to fight poverty, will boost household incomes as well as the develop micro-enterprises.
“Since the launch of the PDM in February 2022, a total of Shs. 590.2 billion has been disbursed to all the 10,459 parishes nationwide, translating into Shs. 50 million per parish. The balance will be disbursed by end this month. Next financial year, the Parish Development Model has been allocated Shs 1.1 trillion,” Mr Kasaija said.
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