By Brighton Abaho
The Shs48.3 trillion budget for the 2022/23 financial year, comes at a time when the World is grappling with multiple crises arising from the COVID-19 pandemic and consequently the ongoing war in Ukraine.
Because of the COVID-19 pandemic supply chains across the globe were disrupted which exacerbated existing vulnerabilities in most developing countries.
Many developing countries, Uganda inclusive are now witnessing an increase in prices, especially for essential commodities, and worrying debt levels that have constrained their ability to invest in public services.
Recently, Parliament passed the National Budget for Financial Year 2022/23 under the theme; ‘‘Full monetization of the Ugandan Economy through commercial agriculture, industrialization, market access, and digital transformation,” to accelerate Uganda’s economic recovery post-COVID 19.
In the National Budget Framework Paper for FY 2022/23 (NBFP), the Ministry of Finance highlighted the need to monetize the economy as the magic bullet to turn around an economy that is trying to find its footing as a result of the Covid-19 pandemic shocks.
The 2022/23 Budget emphasizes restoring business activity and deepening financial inclusion. This is because of the effects of the Covid-19 that affected businesses some of which had to even shut down.
In a bid to restore business activity and deepen financial inclusion, the government has noted that they will keep funding the Emyooga program and support SACCOs to provide seed capital for small businesses including special interest enterprising groups.
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