Ministry of Finance and Economic Development Issues Second Budget Call Circular for FY 2024/2025
Fredrick Siminyu
Permanent Secretary and Secretary to the Treasury in the ministry of finance and economic development, Ramathan Ggoobi, has issued the second budget call circular to all accounting officers and chief executive officers of State-owned enterprises and public corporations regarding the finalization of the budget for FY 2024/25 highlighting key priority areas.
Ggoobi issued this budget call circular on Monday February 19, 2024 and said that according to him, its purpose is to communicate the priority areas of the budget for FY 2024/25, on recommendations of Uganda’s parliament on the national budget framework paper for FY 2024/25, government expenditure ceilings for FY 2024/25 and the medium term, as well as policy and administrative guidelines.
Ggoobi has identified the following priority areas: investing in Ugandans (human capital development), peace and security, roads and railways, electricity, funding revenue-generating interventions, effective natural disaster management, and international commitments.
However according to Ggoobi, government has identified five key growth areas to grow the economy ten-fold from the current base of USD 49.5 billion in FY 2023/24 to USD 500 billion over the next 15 years starting FY 2024/25.
He identified these growth areas as Agro-Industrialization, tourism development, mineral based industrial development, oil & gas including petrochemical industry as well as science, technology & innovation (knowledge economy, research and development).
The 1st budget call was issued in September 2023. It laid emphasis on accelerating economic growth to at least seven per cent through a shift from a raw-materials-based to a manufacturing and knowledge-based economy as well as improving the environment of doing business in Uganda and making it competitive.
