President Yoweri Museveni on Thursday used his address during the Budget presentation to warn political leaders and civil servants to stop frustrating investors and consumers. Museveni referred to the two groups as the most significant in economic development of a country.
Museveni referred to the two groups as the most significant in economic development of a country.
The president in an angry tone accused leaders he did not specifically mention of being arrogant and ignorant of what the actual drivers of the economy in Uganda are.
He cited investment ventures such as the one for Lugazi Sugar and another in Amuru district, which he said were frustrated by the opposition.
President Museveni again used the opportunity to hit at the Leader of Opposition, Nandala Mafabi, accusing him and the opposition of misleading Ugandans on issues of investment saying that the role of those in government is only to facilitate investors by providing them service.
Museveni said that his government was going to start construction of the 600 megawatts Karuma Hydro power this next financial year, adding that the country would not experience a power shortage again.
He said that the 250 megawatts power facility at Bujagali would be fully commissioned in the financial year 2012/2013.
The president expressed anger with some of his officers whom he said had licensed a foreign company to import dressed chicken into the country. He said it was very wrong for such a permission to be given because the decision would affect Ugandan poultry farmers through an unfair competition.
Museveni said the 3.2 percent economic growth in the last financial year was the lowest in the last 25 years. He attributed the slowdown of the economy to foreign factors that he said had affected other developed countries of the West such as United States of America and those in Europe.
He said he was happy that despite the slowdown also affecting Uganda; it was not as adverse as in Europe where millions were left un-employed; banks failed and sent debts rising high.
Seventy five percent of this year’s budget will be funded by locally generated funds.
The total budget read by finance minister Maria Kiwanuka on Thursday, stands at 11.15 trillion shillings this year, an increase of about 157 billion shillings from last year’s.