Gov't seeks approval for shs3.5trillion borrowing to addressing funding gaps
The government has tabled a supplementary schedule requesting parliamentary approval for a shs3.5 trillion borrowing plan.
This financial maneuver aims to address previously unfunded priorities and shortfalls in the 2023/2024 budget, .
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State Minister for Finance, Henry Musasizi, emphasized the urgency of parliamentary approval, noting that the funds are crucial for various sectors, including the renewal of National Identification Cards under NIRA and the upcoming Population Census in 2024.
Musasizi revealed that shs1.5 trillion have already been expended under the 3% financial window.
Notably, this allocation has alleviated concerns related to delayed payments for medical interns, who had previously considered striking over perceived violations of a presidential directive calling for a pay increase.
Despite initial assurances from the Ministry of Finance about reducing such supplementary requests, Musasizi justified the move, explaining that critical items were initially omitted from the budget.
The government is committed to maintaining efficiency and not exceeding the 3% limit.
The supplementary budget proposal occurs against the backdrop of the ongoing fiscal year's budget, totaling shs52.7 trillion.
As the budget committee now reviews the government's request, stakeholders await a decision that could significantly impact the nation's financial landscape.
