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Kasaija at Parliament to Read Shs 45.5tn Budget; Museveni Stays in Entebbe

Finance Minister Matia Kasaija has Thursday afternoon arrived at Kampala Serena Hotel where he will present the 2020/21 National Budget to Parliament.

The total budget is Shs 45.5 trillion, up from Shs 40.5 trillion of the 2019/20 budget.

The budget reading, which followed the passing of the Appropriation Bill 2020 by Parliament in April, starts at 2:00pm.

According to the sector allocations, Works and Transport takes an allocation of shs 5.84 trillion followed by Security with an allocation of shs 4.504 trillion.

Interest payments will take shs 4 trillion, Education shs 3.6 trillion, Health sector budget is shs 2.7 trillion while the Agriculture sector gets shs 1.324 trillion.

Parliament and economists have since urged government to adopt austerity measures to effectively utilize the limited public resources, with major focus productive sectors of the economy such as agriculture, trade and Industry, tourism, health, education and social development that will help in revamping the economy and the lives of citizens during the COVID-19 pandemic.

The budget is expected to be funded by resources from domestic revenue amounting to shs21.7 trillion and domestic borrowing shs 3.55 trillion.

Energy and Mineral Development takes shs 2.6 trillion.

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The budget which will come into effect on 1st July 2020 is an increase of 12.36 per cent compared to the approved resource envelope for the current financial year 2019/2020.

The total Domestic resources financing the coming financial year budget will constitute 72.5 percent while external funding will constitute 27.5 percent.

Parliament has since urged Government to strengthen the mobilization and collection of revenues, which have stagnated below 16 percent of Gross Domestic Product (GDP) for the past years.

Presidential press spokesperson Don Wanyama said Kasaija will deliver the Budget at Parliament, while the President will digitally address the MPs and the country from State House Entebbe.

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