Finance minister Kiwanuka presents sh14 trillion budget

By Paul Busharizi

KAMPALA - The finance minister, Maria Kiwanuka on Thursday presented a sh14 trillion budget.
The theme for the 2014/15 budget is “Maintaining the Momentum: Infrastructure Investment for Growth and Socio-Economic Transformation.”
 

The approved budget in 2013/14 was sh13.1 trillion, according to the National Budget Framework Paper 2014/15.

Transport gets biggest share

true

Of the total budget, sh10.1 trillion will come from domestic revenues, sh221b from budget support, sh2.6 trillion from project support and sh550b will be borrowed from the domestic market.

The budget is coming in the wake of a difficult year when economic growth is marginally down to 5.7% from last year’s 5.8% but far short of the targeted 7% in the National Development Plan.

Drought in the first quarter of the year that affected harvests, and a flare up of chaos in South Sudan at the end of last year that sorely affected exports, were to blame for the missed target.

true
The crisis in South Sudan has partly been blame for the missed target. PHOTO/AFP

The Government projects that growth will rebound to 6%.

“The drivers of growth include; recovery in agricultural production, stronger industrial performance, increase in wholesale and retail trade activities and transport and telecommunication services.

The impact of the disturbance in South Sudan is likely to be minimal, following a cessation of hostilities between the warring parties in the conflict and will be transmitted mainly through the loss of trade resulting from a contraction in exports to South Sudan and reduced remittance flows from Ugandans living in South Sudan,” Kiwanuka said.

Budget experts

Vision Group will today host its annual panel of senior officials from the private and public sector for an insightful analysis of the budget and what it means for the economy and the country in general.

Starting at 2:00pm at the Serena Conference Centre, finance minister Maria Kiwanuka is expected to unveil a sh14 trillion budget that will continue with the strong emphasis on infrastructure development.

true
MTN boss Mazen Mroue will feature on the panel of experts to discuss the budget

The panel of experts’ analysis will be published and broadcast on all Vision Group’s media platforms.

“This will be a kind of special editorial board that will help our team understand the key issues in the budget. They will bring their specialised knowledge from their respective industries and guide our editors on how to present the budget top our readers on Friday,” Vision Group’s chief executive officer, Robert Kabushenga, said about the budget luncheon, which is in its ninth year.

The panelists include Standard Chartered Bank CEO Herman Kasekende, Uganda Development Bank chairman Prof. Sam Sejjaaka, MTN boss Mazen Mroue, Vivo Energy managing director Hans Paulsen, Umeme CEO Charles Chapman, development economist Prof. Augustine Nuwagaba, Anti-corruption Coalition of Uganda executive director Cissy Kagaba, CEO of the Institute of Chartered Public Accounts of Uganda Derrick Nkaja, and MD of dfcu Bank Juma Kisaame, and the city traders association spokesman Issa Sekito.

According to President Museveni’s State-of-the-Nation address last week, economic growth is expected to be lower than last year at 5.7%.

New Vision will cover the event live online with our live text commentary starting 13 00hrs (1pm) EAT