Team from MoFPED presenting BFP's for vote 008 and Treasury Operations Vote 130 for FY 2024/25.

Minister of State for General Duties Hon. Henry Musasizi and Minister of State for Planning Hon Amos Lugoloobi accompanied by PSST Mr. Ramathan Ggoobi and his technical team appeared before Parliament Committee on Finance, Planning and Economic Development to discuss the Budget Framework Papers for ministry of Finance Planning and Economic Development(Vote 008) & Treasury Operations (Vote 130) for FY 2024/25.

In his opening remarks Hon Henry Musasizi highlighted some of the milestones registered in FY 2022/23,and these include:

-The economy grew by 5.2% in FY 2022/23 up from 4.6% the previous fiscal year.

-Reduction in Debt to GDP ratio from 48.4% to 46.9%.

-Headline inflation slowed from peak of 10.7% in October 2022 to 4.9% in June 2023 & reducing further to 2.6% in December 2023.

-Domestic revenue to GDP ratio improved from 13.2% in FY 2021/22 to 13.9% in FY 2022/23,although still below the NDP III target of 16%. 

Minister of State for General Duties Henry Musasizi  told Parliament Committee on Finance that mofpedU has successfully disbursed Ushs. 1.0585 trillion (99% of the total budget of Ushs. 1.059 trillion) directly to the bank accounts of 10,585 PDM SACCOs in all the 176 LGs & KCCA. For the current fiscal year.