Ministry of Finance, Planning and Economic Development, Uganda

The Qatar Ambassador to Uganda H.E Jabor Al-Dosari was this evening received at the Ministry of Finance by Minister of State for General Duties Henry Musasizi.

Discussions focussed on strengthening bilateral relations and trade between Uganda and the Kingdom of Qatar.

Proposed areas of cooperation include: Agriculture ,Energy,Oil & Gas,Mining,Tourism,Hospitality,Labour export and Markets for mainly fruits and vegetables.

Ministry of Finance yesterday presented the budget strategy for FY 2022/2023 at the National Budget conference held yesterday at Kololo ceremonial grounds.

Strategic Budget priorities FY 2022/23:

➡️Restoration of business activity by increasing access to capital.

➡️Industrialization focussing on agro-industry & light manufacturing.

➡️Enhancing wellbeing of Ugandans through improved health & education.

➡️Improvement of productive infrastructure.

Opportunities for growth in the short to medium term even with include:

➡️Acceleration of import substitution.

➡️Digitization of socioeconomic activities to improve efficiency.

➡️Foreign direct inflows for infrastructure developments.

➡️Improved access to export markets.

Economic growth is expected to rebound to 4.2% in FY 2021/22, 6% in FY 2022/23 and to at least 7% in the medium term.

Financing of the budget strategy FY 2022/23 will hinge on implementation of the Domestic Revenue Mobilization Strategy (DRMS) to reduce the share of the budget financed through borrowing.

DRMS aims at achieving revenue to GDP growth of 0.5% every financial year.

Ahead of the National Budget Conference slated for tomorrow,Thursday 9th September 2021,PS/ST Ramathan Ggoobi yesterday met Development Partners to consult on the Budget Strategy for Fiscal Year 2022/23 under the theme: Industrialisation for Inclusive Growth,Employment and Wealth Creation.

The Budget Strategy is focussed on short term strategies for recovery such as widespread vaccination, boosting aggregate demand & credit relief as well as medium and long term strategies including Industrialization & increasing productivity in agriculture.

Development Partners want the budget to continue being compliant to targets agreed under the International Monetary Fund supported program,increased funding for human capital development & agricultural productivity.

PS/ST has already consulted with Permanent Secretaries on this Budget Strategy.

Here is Permanent Secretary and Secretary to the the Treasury,Ramathan Ggoobi's Agenda for the first 100 days & the Medium term...👇

➡️Motivate,facilitate & effectively supervise staff to generate ground breaking ideas that match the demands of a dynamic environment.

➡️Internal realignment & reorganisation of functions & staffing to fit MoFPED Mission and Vision.

➡️Realign Plan (NDP III) & Budget to the pandemic realities.

➡️Addressing weak enforcement of accountability with visible/ measurable results.

➡️Enforcing a comprehensive & integrated approach to auditing.

➡️Making plans and policies fully informed by empirical research.

➡️Building strong & vibrant private sector to take advantage of opportunities generated in the economy.

➡️Emphasis on pro-business policies as opposed to pro-market reforms.

➡️Attention to alleged corruption in the Ministry and the larger government.

The Immediate & medium term tasks are:

▶️Recovery of Economy to bring back aggregate demand,out put,jobs.

▶️ Building capacity of economy to create jobs,raise incomes,value addition.

▶️Robust analysis of economy ( both macro and micro-economy)

▶️Mobilization of financial resources especially domestic.

▶️Expenditure management to increase allocative efficiency.

▶️Effective policy coordination.

▶️Rebuilding fiscal space.

▶️Supporting the reform process of the larger government to facilitate delivery of services.

▶️Reducing fiscal deficit in the medium term.

Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi has urged his staff at Ministry of Finance to always cherish the values of efficiency,reliability and credibility as well as teamwork while performing their duties.

This was at a luncheon today in honour of former and new Ministers and the PS/ST.

The Luncheon was presided over by Finance Minister Matia Kasaija.

As part of orientation for Ministers in the Finance Ministry as well as the Permanent Secretary and Secretary to the Treasury, all Agencies and Autonomous Institutions affiliated to the Ministry of Finance have been invited to brief the new political and technical leaders about their mandate and operations.

This will go on until next week.The Ministry has already interacted with Bank of Uganda,National Planning Authority,Uganda Retirement Benefits Regulatory Authority,Tax Appeals Tribunal,Enterprise Uganda and Post Bank. Others are Pride Micro Finance and Project for Financial Inclusion in Rural Areas.

Others expected include: NSSF,URA,National Oil Company,Uganda Development Bank,Uganda Investment Authority and Micro Finance Support Centre.

The list also includes Uganda Road Fund,PPDA,UBOS,Capital Markets Authority and Economic Policy Research Centre among others.

Finance Ministry has started formulating the Budget Strategy for Fiscal Year 2022/2023 under the Theme: Industrialisation for Inclusive Growth,Employment and Wealth Creation.

Permanent Secretary/Secretary to the Treasury, Ramathan Ggoobi who is leading the process is very keen on ensuring that the planning aspect informs the budget.

Minister of Finance Matia Kasaija will next week meet traders who have petitioned against the tax regime on textile fabrics and garments.

The traders are asking for a review of the import duty of 35% or USD 3.0/Kg whichever is higher for textile fabrics locally referred to as gyola and 35% or USD 3.5/Kg whichever is higher for finished textile garments.

The current tax regime on textiles is informed by the fact that Uganda continues to import large quantities of finished textiles and related products worth about USD 231 million which results in an outflow of foreign exchange and donation of jobs to foreign textile industries.

Ministry of Finance today conducted an induction training for newly appointed Permanent Secretaries/Accounting Officers on Government of Uganda Public Financial Management operations and processes at Sheraton Hotel,Kampala.

Permanent Secretary/Secretary to the Treasury,Ramathan Ggoobi urged the new Permanent Secretaries/Accounting Officers to guard against misalignment of Plans/Budgets and Implementation,a practice which he said leads to financial misreporting and also undermines the budget since resources are spent on unplanned activities.

Finance Minister Matia Kasaija will announce the modalities for accessing these funds once the final consultations are complete.



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Following your appointment,approval and assumption of duties this week,Ministry of Finance family wishes to officially welcome you Permanent Secretary/Secretary to the Treasury Mr.Ramathan Ggoobi to the Ministry of Finance.

And to you Mr.Keith Muhakanizi, the Outgoing PS/ST, you are known to be one of the grandparents of Uganda's modern economy and you have done your best to rebuild Uganda.

Now that you have guided a smooth transition we say Thank you and Goodbye!