Uganda’s government estimates spending 53.3 trillion shillings ($13.74 billion) for the financial year that begins in July, an increase of roughly 1 per cent over the current year’s spending, Reuters reported citing the Ugandan finance ministry on Tuesday.
The ministry said, in a document outlining spending proposals, that the government intends to allocate a larger portion of development expenditures in the 2024–2025 fiscal year to enhance the infrastructure in the oil and gas industry, including roads, trains, and other transport facilities.
Investments in the oil sector have contributed to economic growth in Uganda alongside improved agriculture production. Moreover, the country is hoping to start commercial oil production in 2025.
Similar to the finance minister’s September forecast, the finance ministry predicted that the economy would grow 6.4 per cent in 2024–2025 as opposed to 6 per cent in 2023–2024.
