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Uganda Q3 FY23/24 highlights fiscal growth initiatives

Uganda Q3 FY23/24 highlights fiscal growth initiatives

Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi (Courtesy photo)

In a press briefing held by Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi, the Ugandan government disclosed key financial insights for the third quarter of the fiscal year 2023/24. The session aimed at enhancing budget transparency and effective communication, emphasizing the commitment of the govt to fiscal consolidation.

State of the Economy

Ggoobi reported a robust economic recovery from both external and internal shocks. The economy expanded to Shs. 184.89 trillion by the end of June 2023, demonstrating a growth rate of 5.2% in real terms. Despite challenges, the country remains resilient, and the PSST expressed confidence in continued progress.

Revenue Collection

Cumulative revenue collections for the period July to December 2023 amounted to Shs. 13.301 trillion, slightly below the target of Shs. 14.169 trillion. The government’s commitment to boosting revenue collection is highlighted, showcasing ongoing efforts to sustain financial stability.

Fiscal Consolidation Commitment

Ggoobi reiterated the govt’s commitment to fiscal consolidation. This involves boosting revenue collection, rationalizing government expenditure, and controlling government borrowing. The strategy aims to ensure a sustainable financial framework for the nation.

Parish Development Model (PDM) Implementation

The press briefing addressed the implementation of the Parish Development Model, emphasizing the transition from the establishment phase (FY 2021/22 to 2022/23) to the stabilization phase (FY 2023/24 to FY 2024/25).

Key initiatives in the stabilization phase include

➡️Capitalization of PDM SACCOs with an additional Shs 100 million every FY.

➡️Enhancing provision of Business Development services & other extension services.

➡️ Strengthening governance of PDM enterprise groups & SACCOs.

➡️Ensuring complete & accurate data on Parish Development Management Information System. ➡️Ensuring effective use of digital systems.

➡️Promoting community savings.

➡️Strengthening collaboration between PDM pillars.

He also emphasized critical issues for effective governance and financial management:

  • Ensuring timely payment of wages, salaries, pensions, and gratuities by the 28th of every month.
  • Displaying payrolls for salaries and pensions on notice boards of government institutions.
  • Prioritizing timely payment of service providers to avoid accumulation of arrears.
  • Promoting pre-payment of utilities (water and electricity) and effective supervision of government programs and projects.

The press briefing outlined Uganda’s economic progress, fiscal responsibility, and commitment to inclusive development through initiatives like the Parish Development Model. As the nation navigates challenges, the government’s strategic focus on fiscal consolidation and targeted developmental efforts aims to build a sustainable and prosperous future for Uganda.

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