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By George Mangula
Cabinet yesterday approved about Shs35 trillion budget framework for the financial year (FY) 2020/2021, according to the government owned Uganda Media Centre officials who on Tuesday released Cabinet’s decisions for this week.
The Budget for the next fiscal year is to address challenges hindering the speed of economic transformation, rural economic development, expansion of the industrial base, job growth and the delivery of essential social services, under the theme “Sustainable Industrialization for inclusive Growth,
Employment and Wealth Creation”
Preliminary budget estimates for 2020/2021 financial year indicate that government’s domestic resource funding will amount to about Shs21.905 trillion, up from Shs 20.646 trillion in the current financial year while external funding will be about Shs6.612 trillion, down from Shs9.433 trillion in the current financial year.
The 2020.2021 budget estimates show that Shs862.6 billion will go to budget support will Shs3.215 trillion will go for interest payments. Shs279 billion will go to the recapitalization of Bank of Uganda.
The budget for FY2020/21 will be implemented under a new development plan – the Third National Development Plan (NDPIII). The NDPIII will build on the foundation already laid under the Second National Development Plan (NDPII).
