{"id":63517,"date":"2023-12-28T07:56:39","date_gmt":"2023-12-28T07:56:39","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government"},"modified":"2023-12-28T08:50:22","modified_gmt":"2023-12-28T08:50:22","slug":"re-assess-budget-financing-economists-ask-government","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government","title":{"rendered":"Re-assess budget financing, economists ask government"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>National Budget implementation and financing strategy leaves a lot to be desired, according to independent budget policy specialists.<\/b><\/p>\n

As a result, there are calls for the country\u2019s economic managers to double their efforts to rid of unnecessary expenditure in the wake of dwindling revenue collection targets.<\/p>\n

With the recent unveiling of nearly Shs53 trillion budget for the next financial year coinciding with dishing out of Shs3 billion high-end vehicles to the former Speakers of Parliament, a section of economists and policy analysts interviewed for this article, are worried for the national budget, going forward.<\/p>\n

Borne out of this fear as exemplified by the Finance ministry\u2019s December 07 letter asking Uganda Revenue Authority\u2019s top leadership to, among other things, explain the Shs600b revenue deficits registered between July and October, the first four months of the half year of 2023\/24 financial year, the executive director, Civil Society Budget Advocacy Group (CSBAG), Mr Julius Mukunda, says in an interview: \u201cThere is no better time for government to embrace frugality than now.\u201d<\/p>\n

According to Mr Mukunda, part of the budget challenge is the unchecked financing strategy facilitating many of the luxurious expenditure of government often times manifested through frequent supplementary budgets.<\/p>\n

Supplementary estimates must be strictly regulated and their number limited.<\/p>\n

\u201cOur analysis shows that 90 percent of the supplementary budget does not qualify to be supplementary expense. Most of the supplementary budgets are as a result of poor planning and in some cases, competence issues,\u201d he says, adding: \u201cWe fear that many of the supplementary budgets are not only unwarranted financing strategies but could be a recipe for corruption.\u201d<\/p>\n

Citing CSBAG analysis, Mr Mukunda notes that there is no justification for failure to plan for core mandates, stressing that each time a supplementary for something that should have been planned for happens, there should be cause for suspicion and further probing.<\/p>\n

In an interview on Tuesday, Mr Mukunda, an economist, says the Shs52.7 trillion budget expected to finance the country\u2019s programmes and services in the next financial year \u2013 about six months away, will not achieve its service delivery and poverty eradication objectives without focusing on prudent management of the resources in the national budget.<\/p>\n

Revenue collection <\/b><\/p>\n

\u201cYou can hit revenue collection targets in an ailing economy,\u201d says Mr Mukunda, adding: \u201cOnly about 10 percent of the 3.2 million people on the tax register pay their taxes regularly.\u201d<\/p>\n

This situation is complicated by what he describes as increasing cost of the Central Bank Rate , saying the Bank of Uganda regular action has an effect which includes increasing interest rate at which private sector players \u2013 businesses can borrow.<\/p>\n

\u201cThe atmosphere in which the private sector makes money is quite challenging and if government programmes and decisions cannot facilitate the private sector have a return on their investment then how will revenue be generated?\u201d<\/p>\n

While unveiling the Shs53trillion budget for next financial year, the State Minister for Finance in charge of General Duties, Mr Henry Musasizi, said the government plans to fund the budget with resources from improved revenue collection and controlled borrowing. Whereas this is reasonable, the financing strategy that should be above everything else, according to Mr Mukunda, is: \u201cBudget discipline, frugality and optimising efficiency. If this is done well, there is a chance that other pieces of the puzzle will fit together.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. National Budget implementation and financing strategy leaves a lot to be desired, according to independent budget policy specialists. As a result, there are calls for the country\u2019s economic managers to double their efforts to rid of unnecessary expenditure in the wake of dwindling revenue collection targets. With the recent unveiling of nearly […]<\/p>\n","protected":false},"author":84,"featured_media":63516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,240,234],"class_list":["post-63517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nRe-assess budget financing, economists ask government - Uganda<\/title>\n<meta name=\"description\" content=\"National Budget implementation and financing strategy leaves a lot to be desired, according to independent budget pol ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Re-assess budget financing, economists ask government\" \/>\n<meta property=\"og:description\" content=\"National Budget implementation and financing strategy leaves a lot to be desired, according to independent budget pol ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-28T07:56:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-28T08:50:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/12\/sm_1703740593.660465.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Re-assess budget financing, economists ask government\",\"datePublished\":\"2023-12-28T07:56:39+00:00\",\"dateModified\":\"2023-12-28T08:50:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government\"},\"wordCount\":568,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/12\/sm_1703740593.660465.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/re-assess-budget-financing-economists-ask-government\",\"name\":\"Re-assess budget financing, economists ask government - 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