Finance Ministry retains theme for upcoming financial year budget
The Ministry of Finance, Planning, and Economic Development has announced that it will maintain the theme for the coming financial year’s budget as “Full Monetization of Uganda’s Economy through Commercial Agriculture, Industrialization, Expanding and Broadening Services, Digital Transformation, and Market Access.”
In a statement, the ministry revealed that the budget's objective is to strengthen the economic growth drivers necessary to restore the economy to the medium-term growth path.
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These efforts are aimed at significantly expanding Uganda’s Gross Domestic Product (GDP), with a target to increase it ten-fold from the current $53 billion to $500 billion by 2040. Additionally, the government plans to double GDP to $100 billion by the financial year 2029/30.
The upcoming budget emphasizes the need for commercial agriculture, industrialization, and expanding the services sector.
Digital transformation and improved market access also feature prominently as critical components of the government’s strategy to achieve economic growth and modernization.
The Ministry highlighted that achieving these objectives requires focusing on strengthening the drivers of economic growth and ensuring the full monetization of Uganda’s economy.
This includes creating an enabling environment for private sector investment, increasing agricultural productivity, and expanding industrial and service sectors.
Alignment with NDPIV Goals
The budget theme and its objectives are in line with the goals of the Fourth National Development Plan (NDPIV), which seeks to “Achieve higher household incomes, full monetization of the economy, and employment for sustainable socio-economic transformation.”
NDPIV prioritizes initiatives that directly contribute to improving household incomes and creating employment opportunities, which are central to socio-economic transformation.
By aligning the budget with NDPIV, the government aims to drive inclusive and sustainable economic growth, ensuring benefits are felt across all segments of society.
The ministry reaffirmed its commitment to realizing Uganda’s Vision 2040, which aims to transform Uganda into a modern and prosperous country.
By focusing on GDP expansion and economic diversification, the government is laying the groundwork for achieving this ambitious vision.
