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Finance ministry enacts FY 2024/25 fiscal strategy

Finance ministry enacts FY 2024/25 fiscal strategy

PSST Ramathan Ggoobi emphasizes the importance of evidence-based analysis . (Courtesy photo)

The Ministry of Finance, Planning, and Economic Development (MoFPED) in Uganda is actively implementing a fiscal consolidation strategy aimed at rationalizing the budget and efficiently allocating available resources to meet the critical needs of the government. Under the leadership of Permanent Secretary/Secretary to the Treasury (PSST) Ramathan Ggoobi, MoFPED is spearheading a three-day retreat to review the budget for the fiscal year 2024/25.

Fiscal consolidation involves several key components, including stepping up domestic revenue mobilization, continued rationalization for improved allocative efficiency, and controlled borrowing to ensure long-term debt sustainability. This strategic approach aligns with Uganda’s overarching goal of growing the economy tenfold over the medium term, effective from the fiscal year 2024/25.

During the retreat, top technical leadership from MoFPED will re-prioritize expenditure allocations to ensure that all critical interventions of the government are fully catered for under the 20 National Development Plan (NDP) III programs. PSST Ggoobi emphasized the importance of evidence-based analysis in informing allocative efficiency decisions, underscoring the ministry’s commitment to data-driven policymaking.

The retreat precedes the issuance of the second budget call circular (2nd BCC) by MoFPED, expected by mid-February 2024. This circular will communicate the available resources, guiding Accounting Officers across government to finalize the draft estimates of revenue and expenditure for the next financial year (2024/25).

Additionally, MoFPED will engage in discussions with the Ministry of Public Service (MoPS) and the Ministry of Local Government (MoLG) regarding the wage bill for FY 2024/25. This follows the completion of an audit of the government payroll by the Office of the Auditor General of Uganda. The information gathered from these discussions will be compiled to formulate a comprehensive strategy for managing the wage bill in the upcoming fiscal year.

The fiscal consolidation efforts underscore MoFPED’s commitment to prudent financial management and sustainable economic development in Uganda. By prioritizing evidence-based decision-making and ensuring efficient resource allocation, the ministry aims to support the government’s broader agenda for inclusive growth and development.

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