Uganda’s Economic Outlook: Uganda’s 2022/2023 Budget

Jun 21, 2022 | Africa, Announcements, East Africa, Home Page, Markets, Snippets, Sub-Sahara Africa, Uganda

The Ugandan government has set out its 2022/2023 budget, outlining fiscal priorities for the coming year. Matia Kasaija (MP), Minister of Finance, Planning and Economic Development of the Republic of Uganda, delivered the FY 2022-2023 budget speech on 14 June 2022.

The Ugandan government has set out its 2022/2023 budget, outlining fiscal priorities for the coming year. Matia Kasaija (MP), Minister of Finance, Planning and Economic Development of the Republic of Uganda, delivered the FY 2022-2023 budget speech on 14 June 2022. 

Uganda Budget Speech

Delivered by Matia Kasaija (MP), the 2022/2023 budget for Uganda aligned with the theme of: “Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access.”

Uganda Expenditure

The Minister of Finance, Planning and Economic Development of the Republic of Uganda outlined the following expenditure as part of Uganda’s 2022/2023 budget:

  • Total expenditure will amount to 48,130.7 billion Ugandan shillings ($12.7 billion).
  • Domestic revenue to finance the country’s total expenditure will only amount to 30,797.3 billion Ugandan shillings ($8.1 billion).
  • The remainder of the required resources will be sourced through lending, financial assistance and other forms of financial aid. 

Uganda Budget Priorities

As part of the Uganda 2022/2023 budget speech, these priorities were outlined:

  • The government has allocated nearly a quarter of a billion US dollars or 904.1 billion Uganda shillings for the coming fiscal year for minerals, oil and gas development and commercialization.
  • Sh564.39 billion ($150 million) has been allocated to the Ministry of Agriculture to increase productivity in this important sector of the economy.
  • Sh1.449 trillion ($385 million) has been allocated to promote agro-industrialization.
  • 628 billion Ugandan shillings ($167 million) was allocated to initiatives focused on fighting climate change.
  • Digitization initiatives received a boost with an allocation of 124.2 billion Ugandan shillings (US$33 million).
  • US$180.3 million (equivalent to 667.1 billion Ugandan shillings) in World Bank funding has been received to strengthen the fight against the COVID-19 pandemic.
  • The Ministry of Finance has also received a World Bank grant of US$217 million to support women-owned and women-operated SMEs over the next 12 months. 

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