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During the Shs72.136 trillion National Budget presentation for the Financial Year 2024/25 at Kololo Independence Grounds, he highlighted that achieving this competitiveness requires affordable electricity, which is currently being addressed.
"Our products and services must be cheaper and of better quality than those from other countries. To achieve this, we need affordable electricity, which is already in the works," President Museveni stated.
Accompanied by the First Lady and Minister of Education and Sports, Maama Janet Museveni, he made these remarks under the budget theme: “Full Monetisation of the Ugandan Economy through commercial agriculture, industrialisation, expanding and broadening services, digital trade transformation and market access”.
Museveni also pointed out the availability of low-cost loans through the Parish Development Model (PDM), Emyooga, and Uganda Development Bank (UDB) to help Ugandans create wealth.
"I want to render money lenders irrelevant. We will continue funding Emyooga and UDB to provide affordable loans for wealth creation," he added.
To reduce production costs, the President mentioned plans to enhance rail and water transport for cargo.
With repairs to the old meter gauge from Malaba to Kampala and Tororo to Gulu-Pakwach, and future plans for the Standard Gauge Railway, transportation costs will decrease, benefiting the economy.
Additionally, Museveni identified importation as a hindrance to economic growth, advocating for self-reliance in producing goods locally.
He expressed optimism that Uganda’s economy would reach US$500 billion in a few years by adding value to raw materials.
The President reaffirmed his commitment to fighting corruption, urging leaders to use their positions to help Ugandans instead of engaging in corrupt practices.
The Speaker of Parliament, Anita Among, highlighted the collaborative efforts between the Executive, Legislature, and Judiciary in the budgeting process, leading to improved transparency.
She urged Accounting Officers to ensure the efficient use of public resources.
Finance Minister Matia Kasaija, delivering the Budget Speech, noted Uganda's economic recovery and projected a 6% GDP growth for the financial year 2023/24.
He attributed this to low inflation, a stable exchange rate, and increased investments in various sectors.
Uganda has been recognized as the best investment destination in Africa, and significant strides have been made in transitioning from a Least Developed Country to medium human development.
The government plans to further drive economic growth through agro-industrialization, tourism development, mineral development, and advancements in Science, Technology, and Innovation.
The budget also focuses on job creation, with significant investments in various programs to support youth, women, and persons with disabilities. The Parish Development Model has been fully rolled out, providing substantial financial support to communities across the country.
The event was attended by high-ranking officials, including the Vice President, Chief Justice, Prime Minister, and other dignitaries.
This content was created with the help of an AI model and verified by the writer.