President Museveni had said that Uganda was on the right track to development. The President made the remarks on Thursday after the Minister of Finance and Economic Planning Matia Kasaija had read 2018/2019 budget to the nation at the Kampala Serena Conference Centre.
“It has been a long struggle because we did not have the basics for sustained growth and transformation but we now have surplus electricity, a factor that will bring in more investors,” he said.
Commenting on the Ugx.32.7/= trillion-budget as read by Minister of Finance and Economic Planning Hon. Matia Kasaija, President Museveni said that Uganda was on the right track to development.
He assured skeptics that seem to be worried about the surplus electricity that it would attract investors to the country adding that the only issue was to ensure that the cost of electricity goes down.
He added that the government would ensure that the cost of transport for cargo and cost of money to borrow are lowered. He called upon Members of Parliament to concentrate on getting the 68% of Ugandans from subsistence farming to the money economy.
He said from the Minister’s speech the debt ratio is at 38% and not at 50% mark that would cause worry.
The theme for the budget was ‘Industrialization for Job Creation and Shared Prosperity
On security, the President said that the National Resistance Movement (NRM) Government will defeat the murderers who are behind the senseless killings of Ugandans.
“ People are sad, angry and worried, I am sad, angry but confident that we shall defeat the people behind these killings. We have dealt with bigger threats before and we shall deal with these people too. Those that have been involved will be crushed,” he said.
The President, also called upon the public to be vigilant and security conscious in their neighborhoods and report any suspicious activity to the Police and local council authorities. He said that lack of vigilance has made the assassins escape easily after assassinating people.
“In all these cases, there were clues before these people were killed. The assassins would come and watch the places where their victims would normally pass,” he revealed.
President Museveni further cautioned media houses about misleading reports on social media on security as well as those that attempt to portray the economy as a failing one.
‘’That talk by Monitor. Monitor, Monitor the paper of Aga Khan. Aga Khan who is getting a lot of money from here, must stop! Otherwise I will do something about it. There are evil papers like the Monitor. Red pepper those are just stupid. There is a difference between stupidity and evil. But they have been talking about debt-GDP ratio. That Uganda is so indebted” the president said.
While reading the national Budget, Matia Kasaija said that Uganda’s outstanding public debt reached USD 10.53 billion as at March 2018 of which USD 7.18 billion is external and USD 3.35 billion is domestic.
“The ratio of Public debt to GDP now stands at 38.1 percent in nominal terms,” said Kasaija, adding, “This is much lower than the threshold of 50 percent beyond which public debt becomes unsustainable.”