{UAH} Uganda Government Plans 13% Budget Cut in Coming Fiscal Year - Bloomberg Business
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Uganda plans to reduce its budget next year by 13 percent and finance three-quarters of the spending plan from tax revenue, State Minister for Finance Fred Omach said.
The East African nation, which is the continent's biggest coffee exporter and is on the cusp of becoming an oil producer, will spend about 21 trillion shillings ($6.2 billion) in the fiscal year beginning July 1, Omach said in an interview in the Rwandan capital, Kigali.
Donors would finance a quarter of the budget, up from 20 percent in the current fiscal year, Omach said.
Uganda plans to borrow $200 million from the Eastern and Southern African Trade and Development Bank this year to finance projects in the health sector, Omach said.
Last year, lawmakers rejected the proposal to borrow from the lender, but the government will resubmit the request to parliament with better justification, he said.
http://www.bloomberg.com/news/articles/2016-03-15/uganda-plans-12-5-percent-budget-cut-in-2016-17-fiscal-year
Sincerely,
Brian M. Kwesiga
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The East African nation, which is the continent's biggest coffee exporter and is on the cusp of becoming an oil producer, will spend about 21 trillion shillings ($6.2 billion) in the fiscal year beginning July 1, Omach said in an interview in the Rwandan capital, Kigali.
Donors would finance a quarter of the budget, up from 20 percent in the current fiscal year, Omach said.
Uganda plans to borrow $200 million from the Eastern and Southern African Trade and Development Bank this year to finance projects in the health sector, Omach said.
Last year, lawmakers rejected the proposal to borrow from the lender, but the government will resubmit the request to parliament with better justification, he said.
http://www.bloomberg.com/news/articles/2016-03-15/uganda-plans-12-5-percent-budget-cut-in-2016-17-fiscal-year
Sincerely,
Brian M. Kwesiga
--
Disclaimer:Everyone posting to this Forum bears the sole responsibility for any legal consequences of his or her postings, and hence statements and facts must be presented responsibly. Your continued membership signifies that you agree to this disclaimer and pledge to abide by our Rules and Guidelines.To unsubscribe from this group, send email to: ugandans-at-heart+unsubscribe@googlegroups.com
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