Uganda 2010/2011 Budget Speech delivered by Finance Minister Syda Bbumba

THE REPUBLICC OF UGANDA 

BUDGET SPEECH  for Financial Year 2010/2011 

Uganda National Budget case

Theme: Strategic Priorities to Accelerate Growth, Employment and Socioeconomic Transformation for Prosperity. 

DEELIVERED AT THE MMEETING O F THE FIFTTH SESSIONN OF THE 8 PARRLIAMENTT OF UGANDA ON 

THUURSDAY, 10 JUNE, 2010 BY 

HONOURAABLE SYDAA N. M. BBUMBA (MP) 

MINNISTER OF FINANCE, PLANNINGG AND ECOONOMIC D EVELOPMEENT 

I. PREAMBLE 

Your Excellency the President of the Republic of Uganda, 

Your Excellency the Vice President 

The Right Hon. Speaker of Parliament, 

The Right Hon. Deputy Speaker of Parliament, 

Your Lordship the Chief Justice, 

Honourable Members of Parliament, 

1. I beg to move that Parliament resolves itself into a Committee of Supply for consideration of: 

i. The Revised Revenue and Expenditure Estimates for the Financial Year 009/2010; and 

ii. Proposals for the Estimates of Revenue and Expenditure for Financial Year 2010/2011. 

2. Mr. Speaker Sir, Article 155(1) of the Constitution requires the President to cause to be prepared and laid before Parliament, estimates of revenue and expenditure for the next financial year. I am accordingly performing this duty, with pleasure, on behalf of His Excellency the President. I wish to thank His Excellency the President for giving me yet another opportunity to deliver the budget speech on 

his behalf. 

II.INTRODUCTION 

3. Mr. Speaker Sir, allow me to take this opportunity to express my gratitude to His Excellency the President of the Republic of Uganda, Yoweri Kaguta Museveni, for his visionary and tested leadership which has spearheaded the return to peace throughout the country and the reconstruction of the economy. Since 1986 His Excellency has overseen the management of the economy that has graduated from 

one of despair, to one of great hope and positive aspiration. 

4. Mr. Speaker Sir, due to sound economic management under the NRM Government, the economy has continued to grow at a pace averaging 8.4 per cent since 2006. This solid performance is even higher than the remarkable economic growth that Uganda has experienced since 1986, which has led to a six-fold increase in the size of the economy that now stands at Shs. 34.2 Trillion.

The  economy has been transformed from a largely agriculture-based one, to one spurred by significant industrial and service growth. The industrial sector has increased its share in GDP from 9.9 per cent in 1986 to 24.5 per cent in 2009; the service sector has increased from 36.1 per cent in 1985 to 50.3 per cent, while the dominance of the agricultural sector has declined from 53.9 per cent in 1985 to 

14.9 per cent in 2009 indicating the extent of transformation. Bringing inflation down and keeping it to single digit from the peak when annual headline inflation rates averaged about 153 per cent between 1986-1990’s is yet another major achievement of the NRM. Even skeptics cannot justifiably belittle the significant progress our economy has made under the sound economic management of the 

NRM Government. 

III. STRUCTURE OF THE BUDGET STATEMENT 

5. Mr. Speaker Sir, the structure of the budget I am presenting today is as follows: 

i. First, I will highlight the Economic and Sector Performance in line with the policy pronouncements made in my Budget Speech for the Financial Year 2009/10; 

ii. Second, I will outline some of the emerging trends in the domestic, regional and international economy and the outlook for the Financial Year 2010/11; 

iii. Third, I will focus on the Budget Strategy and Priorities for the Financial Year 2010/11; and 

iv. Finally, I will announce the Proposed Taxation and Revenue Measures and outline the Way Forward. 

IV. ECONOMIC AND SECTORAL PERFORMANCE FOR THE FY 2009/10 AND OUTLOOK FOR FY 2010/11 

Performance of the Economy 

6. Mr. Speaker Sir, a year ago, I presented a budget strategy which broadly focused on improving the business climate of the country and revitalizing production through a range of strategic interventions. I am glad to report significant progress in the following areas:-. 

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