Kasaija arriving for the budget reading/Daily Monitor photo
The Minister of Finance, Planning and Economic Development, Matia Kasaija has said that Uganda’s GDP is expected to grow to sh138 trillion in financial year 2019/20.
He reports that the economy grew by 3.1% in the 2019/20 financial year, which was slower than the 5.4% in the previous years.
He made the remarks today while delivering the 2020/21 budget speech at the fifth and final session of the 10th Parliament under the theme: ‘Stimulating the economy to safeguard livelihoods, jobs, business and industrial recovery’.
He noted that agriculture grew by 4.2% in the financial year ending June 30 while the services sector grew by 3.6% over the year compared to the annual average of 5.6percent in the previous four years.
“These statistics demonstrate the effect of the recent emergencies that the country has faced. Despite the temporary shocks the medium term outlook for economic growth is positive and will be stronger given the measures we will implement,” Kasaija said.
The minister noted that one of the strategies by Government in the forthcoming financial year is to ensure food security and good nutrition. The minister said that the coronavirus has brought to fore the need for food security.
Part of the plan is to sensitize Ugandans on the benefits of good nutrition.
The Minister was forced to pause his speech as a mid-afternoon downpour disrupted proceedings inside the makeshift Parliament.
