Government lays out strategic interventions to Economic recovery.

The Government has announced key measures in dealing with current economic challenges that have led to the rise in inflation and high interest rates.

These include harnessing domestic revenue mobilization strategies,value addition on exports and debt management.

The Primer Minister Rt Hon Robinah Nabbanja made the remarks at the opening ceremony of the National Budget Conference for the year  2023/24.

The Budget conference aimed  at engaging in fruitful deliberations to generate strategic interventions that will propel Uganda's economy back to per-pandemic growth path.

The Premier said with the able leadership of H.E President  Museveni & support of Partners, Government of Uganda has  navigated through the socioeconomic turbulence, adding that Uganda remains committed to consolidate the resilience to accelerate economic recovery.

Finance Minister Matia Kasaija says in FY 2023/24 & over the medium term,Governments fiscal policy will priorities improving competitiveness in the economy by lowering cost of doing business while maintaining macroeconomic stability & debt sustainability.

Preliminary GDP data shows overall growth of 4.6 percent in the Financial year 2021/22,an improvement from 3.5 percent in the previous year as the economy continues to recover from the COVID-19 pandemic.

The Minister acknowledged that the increase in borrowing has resulted in a significant increase in the cost of debt service over the last two fiscal years.

Recently, Civil Society Organizations (CSOs) working towards enhancing prudent and transparent debt acquisition and management in Uganda raised concern over rising levels of Uganda's public debt.

This is as a result of excessive borrowing,bureaucracy that delays the payment for goods and services and failure to utilize borrowed funds.

Uganda's public debt has risen to 73.8 trillion shillings  accounting for 30.6% in the cost of debt service there by raising concern among civil society organization.

The Minister of Finance had previously  explained to parliament that government takes long to dispense borrowed funds because many projects are badly written.

How ever Civil society organization comprised SEATINI Uganda,Uganda Debt Network and transparency international maintain that Government should  start planning  for projects before borrowing funds to save government from paying high interest rates on un utilized loans.

Participants at the Budget conference comprised of Ambassadors and High commissioners , IMF representative to Uganda,World Bank representatives,Civil Society Representatives,Government officials,members of parliament among others.