Business

PSFU Boss Pessimistic About 2019/20 Budget

The executive director Private Sector Foundation Uganda (PSFU) Mr Gideon Badagawa has expressed doubt on the prospects of the just unveiled 2019/20 national budget, saying that unless government institutions implement the existing laws, the budget will not deliver results.

Speaking at the budget breakfast at Hotel Africana, Badagawa said that the challenge is not that there are no laws but rather the implementation.

“We have the laws but we are not implementing them. If you still have weak institutions that cannot enforce laws and reprimand, we are not going to see this budget through,” he said.

Badagawa added that as the private sector, they are disappointed with the implementation of government projects.

He noted that Business financing happens to be one of the great challenges faced by private sector during the budget.

Furthermore, Badagawa said it was unfair to put more money in Uganda Development Bank (UDB) than Women and Youth Funds.

“Put more money in Business development support so that whoever comes up with a good project is given this money (youth livelihood program and women Fund) because this is tax payer’s money,” he said

He added that there is need to prepare youths and women to be able to access this money and help them get out of poverty.

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Badagawa also the challenge of long term capital and said that there is need to develop capacity to generate long term money by doing long term investments

“We cannot think long in terms of investment and borrow short at 25%. It is unsustainable. We need long term capital”

On the issue of agriculture which is the back bone of Uganda’s economy, Badagawa said that Uganda needs a coffee law since coffee is the biggest export earner in agricultural sector.

He further talked about the concern of construction Bill which he said is stuck in ministry of works yet buildings and walls are collapsing and killing people

The event was organized by MoFPED, URA and CSBAG under the theme “industrialization for Job creation and shared prosperity” and was attended by general public.

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