The State Minister for Finance in charge of Planning, David Bahati has revealed that government’s main goal now is to make Uganda one of the fastest growing economies in Africa and the rest of the world.
“.. We hope to do this after oil production starts & when Karuma & Isimba dam are completed. So yes, we are borrowing externally to develop project by project,” Bahati said.
He added: “We’ve put objectives to fulfil what we put in our National Development Plan. As East African Community, we put a threshold which is now at 50%. Kenya is at 60%. Our debt to GDP is at around 40%. 80% of the money we are borrowing is for infrastructure development.”
He made the remarks Tuesday at Uganda Media Centre while addressing the media about Uganda’s budgeting to cater for different activities and works of government.
He noted that Uganda’s economy is heading in the right direction.
“There are indicators that we’re going into the right direction as per National Development Plan. For example, life expectancy has increased to 63 years; our growth rate is at 6.1%. It’s all a return on what we are doing with financing Government activities and projects.”