Finance ministry, Parliament tee off process to pass Shs48.131 trillion budget for next financial year
A national budget is a government plan of revenue and expenditure for a financial year between July and June.
The Minister of State for General Duties Henry Musasizi has today morning led a technical team from the Ministry of Finance, Planning and Economic Development to appear before the Parliamentary Committee on Budget to present the National Budget Framework Paper for Financial Year (FY) 2023/24.
The theme for the next financial year budget is “Full Monetisation of the Ugandan Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access”
It has also been revealed that the preliminary resource envelope for FY 2023/24 is Shs49.988 trillion compared to Shs48.131 trillion for FY 2022/23.
The ministry said financing of the budget will be hinged on three strategies. These are adherence to Domestic Revenue Mobilisation, reducing total public debt in nominal terms to no more than 50% of GDP by 2025/26 and reducing the ratio of total domestic debt interest payments to total revenues excluding grants) to 12.5%.
A national budget is a government plan of revenue and expenditure for a financial year between July and June. The budget process is the step-by-step process undertaken to prepare, approve, execute, monitor, evaluate and audit the national budget.
The business of Parliament at the beginning of every year is to start processing the National Budget ahead of the new financial year.
