Finance minister launches World Bank-Uganda partnership framework, public finance review

The Government of Uganda and the World Bank have launched a new 10-year Country Partnership Framework (CPF) and the Public Finance Review, setting out a roadmap to accelerate Uganda’s transformation into an upper-middle-income economy by 2040.

The two reports, unveiled by Finance Minister Henry Musasizi at the Golden Tulip Hotel in Kampala, outline a long-term strategy to support Uganda’s ambitious tenfold economic growth agenda while strengthening public finance management as the country prepares to benefit from its emerging oil sector.

The Uganda Country Partnership Framework is a decade-long operational strategy that details how the World Bank Group will support Uganda’s aspiration to become a modern, prosperous and competitive upper-middle-income country by 2040.

Built on a “One World Bank” approach, the framework aligns with Uganda’s Tenfold Growth Strategy and the Fourth National Development Plan (NDP IV), with plans to mobilize and enable private capital worth USD 3.8 billion.

The strategy prioritizes wealth creation, job generation, improved economic governance, investment in health and education, and expanding access to quality infrastructure to better connect communities.

It also places significant emphasis on building a more productive and inclusive private sector to drive sustainable economic growth.

Alongside the partnership framework, the Public Finance Review provides an assessment of Uganda’s fiscal outlook as the country enters its oil-producing era.

The report recommends that Uganda’s long-term prosperity should not rely solely on oil revenues but also on strengthening public institutions, improving the efficiency of government spending, enhancing domestic revenue mobilization, and continuing to invest in human capital.

Speaking at the launch, Finance Minister Henry Musasizi reaffirmed the government’s commitment to implementing the country’s economic transformation agenda.

“Our focus going forward will remain on prudently executing the tenfold growth strategy to turn Uganda into a 500-billion-dollar economy, enforcing absolute discipline, enhancing revenue mobilization, wealth creation and oil revenue management,” Musasizi said.

He noted that despite multiple global economic shocks in recent years, Uganda has maintained macroeconomic stability while strengthening public financial management systems, improving fiscal transparency, enhancing debt management, expanding domestic revenue collection, and reinforcing public investment management.

“As we scale up public investment, let us remember that development is not measured by the size of our budgets, the number of projects approved or policies adopted but by the lives transformed, opportunities created and lasting impact on citizens,” he added.

World Bank Division Director for Kenya, Rwanda, Somalia and Uganda, Qimiao Fan said the institution remains committed to supporting Uganda’s development aspirations through a new approach that focuses on broader sector-wide interventions rather than isolated projects.

“The World Bank is moving away from isolated projects to comprehensive sector-wide interventions,” Fan said, adding that the Bank is fully committed to supporting Uganda’s transformation agenda.

The launch of the two reports comes as Uganda prepares for commercial oil production, with policymakers seeking to ensure that anticipated oil revenues complement broader economic reforms aimed at achieving sustainable and inclusive growth.

The new partnership framework is expected to guide World Bank support over the next decade while helping unlock greater private sector investment in key sectors of the economy.