Browsing: @ministry of Finance

In June 2024, Uganda’s private sector borrowing surged despite increasing business collapses, with lending institutions extending Shs 1,360.87 billion. The trade sector led the way, securing the largest share of loans, followed by household and real estate credit, indicating sustained demand for financial support amid challenging economic conditions.

Uganda’s export earnings fell to USD 718.60 million in June 2024, a 23.6% decline from the previous month, largely driven by a sharp drop in mineral exports. However, coffee exports surged by 27.5%, reaching USD 162.36 million, supported by higher volumes and international prices. Asia and the EAC emerged as the biggest destinations for Uganda’s trade, while imports decreased by 6.5% during the same period.

In July 2024, Uganda’s government securities market witnessed significant movements, with bond yields showing mixed trends and treasury bill rates generally declining. The 15-year bond yield dropped to 15.80%, while private sector credit grew by 1.3%, indicating a dynamic financial landscape.

The Ministry of Finance’s latest report reveals a slight increase in the cost of living, with annual headline inflation rising to 4.0% in July 2024. The uptick is driven by higher prices in core sectors such as transport, accommodation, and food crops, despite a decline in energy costs. This signals a mixed economic landscape as Uganda navigates fluctuating market conditions.

The Head of Public Service, Lucy Nakyobe, has issued a stern warning on rampant corruption within Uganda’s public institutions, urging Accounting Officers to lead the fight against graft. At a recent meeting with the Ministry of Finance and government officials, Nakyobe emphasized the importance of vigilance and adherence to ethical standards. Meanwhile, PSST Ramathan Ggoobi highlighted Uganda’s impressive economic recovery, citing a 6% growth in the last fiscal year and booming foreign direct investment. However, he stressed that continued economic success hinges on robust anti-corruption measures and effective public expenditure management.

In the first quarter (July-September 2024), the Ugandan government released Shs 5.899 trillion, representing 21.3% of the discretionary budget. This…

KAMPALA: Recent data from the 23rd edition of the Uganda Economic Update released by the World Bank reveals significant challenges…

Kampala: Uganda’s economy has demonstrated remarkable resilience despite facing multiple successive shocks. According to the 23rd edition of the Uganda…

In the latest semi-annual Budget Monitoring Report released by the Ministry of Finance for the fiscal year 2023/24, significant payroll…

KAMPALA: The recent Public Sector Transformation Programme Semi-Annual Budget Monitoring Report for the financial year 2023/24 reveals a mixed bag…