Politics

How Will Uganda Finance the Shs29tn 2017/18 Budget?

Minister David Bahati appearing before the Budget Committee of Parliament recently

Parliament on Wednesday night passed the proposed Shs 29, this 008.5tn for 2017/2018 national budget.

The 2017/18 budget grew by 10 percent from the last year’s Shs 26,362tn, excluding the undisclosed Shs 265.5bn the government spent from the Petroleum Fund in 2016/17.

More than half of this year’s budget is raised domestically, according to the figures passed yesterday.

Domestic Revenue collection stands at Shs 15,062bn which is equivalent of 52 percent of the total budget.

It grew by 16 percent from the 2016/2017 figure of Shs 12,194bn.

Shs 954bn which is 3.2 percent of the total budget will be borrowed domestically.

The domestic borrowing by government astronomically grew by 175.7 percent from the last financial year’s Shs 346bn.

The government had however planned to borrow Shs 1,477bn.

The Petroleum Fund contributed Shs 125bn, equivalent of 0.43 percent of the total budget.

There is no percentage increase or decrease provided by Finance ministry since last year’s spending from the same fund was not disclosed.

ChimpReports understands the Petroleum Fund’s contribution to the national budget declined by more than half from the last year’s Shs 265.5bn to Shs 125bn.

Shs 35bn is from the Budget Support. The Budget Support fund drastically declined by 96.2 percent from the last year’s Shs 927bn.

The external project financing for financial year 2017/2018 stands at Shs 7,077bn, equivalent of 24.3 percent of the total budget.

It grew by 8.6 percent from the 2016/17 figure of Shs 6,525bn.

Appropriations in Aid’s contribution are Shs 740bn, equivalent of 2.5 percent of the total budget. It also grew by 10.1 percent from the last year’s Shs 627bn.

Shs 4,999bn is from the Domestic Debt Refinancing, accounting for 17.2 percent of the 29tn.

Domestic Debt refinancing grew by 0.4 percent from the last year’s Shs 4,978bn though the government originally wanted Shs 6,258bn.

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