The Ministry of Finance, Planning, and Economic Development has developed a comprehensive fiscal consolidation plan with the goal of reducing debt and service costs, leading from a wide range of values and pursuits.
PSST Ramathan Ggoobi the brain behind this strategy, his effort is prepared to reshape the financial landscape in the upcoming fiscal year. Therefore, as the backbone of this approach, the Ministry must first provide and protect financing for critical priorities.
At the core of this plan are policy pledges including the Poverty Alleviation Initiatives like PDM, Emyooga, peace and security measures, and human capital development. Concurrently, since there are wheels of economic advancement, investments in infrastructure more especially, roads and electricity remain non-negotiable elements of the agenda.
The Ministry is increasing its support for private sector development in addition to supporting public sector initiatives. Sustaining vital funding routes to organizations such as the Agriculture Credit Facility, the Microfinance Support Center, and the Uganda Development Corporation (UDC) would promote an atmosphere that encourages innovation and entrepreneurial expansion.
Nonetheless, the strategy’s primary component is its vigorous pursuit of domestic revenue mobilization. With plans to improve revenue collection, the government is preparing to raise the money it needs to support its programs and reduce its dependency on borrowing.
A cautious strategy is being used to reduce the debt’s servicing expenses and slow down its rate of growth. This involves making a commitment to restricting travel abroad and placing limitations on the purchase of new cars, with the only exceptions being made for critical industries like revenue mobilization, healthcare, and agriculture extension services
Furthermore, there is a renewed emphasis on finishing important ongoing projects on time, making sure that resources are used effectively, and ensuring that programs benefit the public in measurable ways.
Ggoobi claims that a crucial component of this financial restraint is the thorough screening of new initiatives. If a new non-concessional project does not have a direct or indirect claim on the consolidated fund or is not already integrated into the budgetary framework, it will not be approved. This cautious strategy seeks to preserve long-term budgetary stability and avoid needless financial pressure.
It is hoped that by using PSST Ramathan Ggoobi’s vision and experience to guide the Ministry of Finance, Planning, and Economic Development on this fiscal consolidation journey, Uganda will be headed toward a future of sustainable economic growth and prosperity for citizens
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