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Finance releases sh10.7 trillion for the first half of the financial year

By Moses Mulondo

Added 19th October 2017 03:49 PM

The ministry released sh5.4 trillion at the beginning of July to cater for the expenditures for the months of July, August and September.

Finance releases sh10.7 trillion for the first half of the financial year

The ministry released sh5.4 trillion at the beginning of July to cater for the expenditures for the months of July, August and September.

The ministry of finance has so far released a total of sh10.7trillion for the first half of the current financial year.

The ministry has just released sh5.3 trillion for the second quarter to cater for expenditures for the months of October, November and December.

The ministry released sh5.4 trillion at the beginning of July to cater for the expenditures for the months of July, August and September.

Speaking about the releases today, the Secretary to the Treasury, Keith Muhakanizi, and the finance minister Matia Kasaija, asked Ugandans to monitor the funds to ensure it is utilised to carry out government programmes.

Part of the sh10.7 trillion released so far includes sh4.1 trillion (about 38.3%), which has been allocated towards debt repayment.

Out of the sh29 trillion for the current financial year budget, sh9.6 trillion (about 35% of the national budget) was allocated towards debt repayment.

According to Uganda Debt Network, Uganda's debt has reached $11billion (about 39.6 trillions).

As government continues prioritising the construction of roads, the Uganda National Roads Authority (UNRA) allocated a big portion of sh414b, which is even higher than the sh346.9b it was allocated in the first quarter.

The energy sector, which has also been prioritised by the Government for a number of years, has had its quarterly budget increased from sh98.8b allocated in the first quarter to sh133.3b in the second quarter.

With an allocation of sh272.5b, the defence and veteran affairs ministry follows UNRA in taking the biggest portion of the budget quarterly release at the backdrop of a distressed economy, whose economic growth has nosedived to 3.7%, which is far below the 6.6% projected in the second National Development Plan.

Whereas the allocation to the central government ministries and agencies has remained at sh4.6trillion as it was in the first quarter, the allocation to the local governments has reduced from sh701b allocated in the first quarter to sh638b in the second quarter.

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