Information is very critical in planning and development of any nation, it is against this background that I wish to highlight the following key achievements.
The Ministry of Finance, Planning Economic Development-Vote 008 is mandated to design strategies that promote economic growth and transformation. Performance of this mandate will facilitate attainment of the Government target of 'Prosperity for All' as well as the Millennium Development Goals. Therefore in FY 2008/09 the Ministry's Budget proposal aims at fulfilling this mandate.
In the FY 2007/08 the economy attained a GDP growth rate of 8.9% in real terms compared to the target of 7%. Tax revenue increased to 13.1% of GDP mainly due to good administrative measures. In FY 2007/08 the Ministry rolled out the IFMS to four more sites in order to improve public financial management. The Ministry also facilitated formation and strengthening of SACCOs in 757 Sub Counties. Through Uganda Investment Authority, the Ministry provided resources for start up infrastructure for regional Industrial Parks. Together with NPA, the review process of the PEAP and drawing of the National Development Plan was initiated.
In the FY 2008/09 emphasis will be on budget monitoring, including linking of resources to outputs, to enhance value for money. Further roll out of IFMS, strengthening of Microfinance Sector, and promotion of investments in industrial infrastructure will be undertaken.
I take this opportunity to welcome you to the Ministry of Finance, Planning and Economic Development Website
Hon. Syda Bbumba
Minister of Finance, Planning and Economic Development
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PEAP
