Newslex Point News in Uganda, Uganda news
State Minister for Finance, Henry Musasizi, revealed that the total debt stock as of June 2023 reached $23.7 billion (sh91 trillion). This is a notable increase from December 2022 when it stood at $21 billion (sh80 trillion).
Musasizi presented this information during the discussion of the National Budget Framework Paper for the financial year 2024/2025 – 2028/2029. This was before the committee chaired by Patrick Opolot Isiagi.
Despite the surge in public debt, Musasizi assured the committee that the government is adeptly allocating resources. It is also practicing limited borrowing in critical areas to manage the financial strain.
He disclosed plans to allocate sh200 billion in the financial year 2024/2025. This is to address part of the sh2.7 trillion domestic arrears recorded as of June 2023.
Questions from MPs;
MP Paul Omara raised concerns about conflicting figures on public debt. The Auditor General’s report cited sh96 trillion, while the Ministry of Finance reported shs86 trillion. The discrepancies were attributed to potential issues arising from instability in exchange rates.
Dicksons Kateshumbwa flagged concerns about domestic debt repayments. This is surpassing the target outlined in the Charter of Fiscal Responsibility.
He emphasized that debt repayments are consuming a substantial portion of the country’s revenues. He urged measures to align with the projected range.
The secretary to the treasury, Ramathan Ggoobi, defended Uganda’s debt sustainability. He cited participation in international credit markets and effective risk management strategies.
Ggoobi highlighted the country’s positive macroeconomic management and emphasized that Uganda’s fiscal deficit is reducing. This is aided by growing tourism receipts and exports.
Check Also;
- Activists Call Upon IMF, World Bank To Cancel Uganda’s Worrying Public Debt
- Parliament Approve Govt’s Request To Borrow Shs1.2tn For Roads
- Uganda Public Debt Stands At Shs73.5 Trillion
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
