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The government will continue to monitor the fiscal risks and implement mitigation strategies to ensure economic stability and foster a prosperous and resilient Uganda, the minister of finance, planning, and economic development, Matia Kasaija, has said.

"We have issued this statement that looks at the different fiscal risks that could impact on the national budget and economic forecasts. The identified risks include Macroeconomic risks (domestic and external), climate change risks, and natural disasters as well as specific risks such as public debt and contingent liabilities," Kasaija said in a statement issued on May 9, 2024.

"As the Minister of Finance, it is my privilege to present the Fiscal Risk Statement for the Fiscal Year 2024/25. This document is a key component of our commitment to increasing transparency and accountability in public financial management," he said.

He said this demonstrates his ministry's commitment to rigorous fiscal discipline and proactive risk management, which are critical for long-term economic development and the prosperity of all Ugandans.

The statement looks at the different fiscal risks that could impact our national budget and economic forecasts, addressing macroeconomic concerns, climate related fiscal challenges, and contingent liabilities.

It's a comprehensive review that is critical, given the dynamic and interconnected nature of global and local economic environments.

This year’s statement adopts a more comprehensive approach, incorporating assessments of the potential impacts of climate change on our fiscal and economic landscape.

Climate change presents serious threats to our budget, including more frequent natural disasters, disruptions in agricultural productivity, and unforeseen expenditures for disaster recovery.

He observed the need to incorporate climate risk assessments into our budget planning processes. We also continue to refine our analysis of public debt risks, ensuring that our debt management strategies remain robust and responsive to both economic and environmental changes.

The preparation of this Fiscal Risk Statement reflects the collaborative efforts of various departments within the Ministry and our stakeholders. As we navigate the complexities of the global economic landscape, marked by uncertainties such as geopolitical tensions and market volatility, this document becomes a critical resource.

It also equips policymakers, stakeholders, and the public with the understanding necessary for informed decision-making, enhancing our fiscal resilience and ensuring economic stability.

I am confident that this statement will serve as a crucial tool in our ongoing efforts to foster a prosperous and resilient Uganda. We eagerly share this work and invite all stakeholders to engage with its contents and support our journey towards national economic prosperity.