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By Sabir Musa and Hellen Agondua Arua City Much as Uganda’s economy is improving since the country attained her independence in 1962, the increasing debt still remains a concern which is worrying members of public in West Nile sub-region. The recently released
By Sabir Musa and Hellen Agondua
Arua City
Much as Uganda’s economy is improving since the country attained her independence in 1962, the increasing debt still remains a concern which is worrying members of public in West Nile sub-region.
The recently released main report of National Population and Housing Census indicates that 7.2 million of Ugandan households are in non-subsistence economy as compared to about 3.5 million in the subsistence economy.
West Nile Bazukulu Coordinator in Office of National Chairman, Hamza Ali, states that government has made several interventions to improve economy but blames poor performance of some of these interventions on bureaucracy and conditions of accessing them.
“As we speak, there are a lot of commercial banks about 26 of them operating in this country. And then, there are micro finance and money lenders services which are also being supported by government through Uganda Micro Finance Regulatory Authority. Government brought initiatives like PDM simply to facilitate financial services to its population. Like in every parish, government has voted 100 million for people to access in order to build themselves, make them put something that can make them grow in terms of their income levels” he said.
Former Arua Municipality Member of Parliament, Wadri Kassiano, regrets the changes in the economy of the country. “And at that time, the economy was doing very well to the extent that the exchange rate between the Ugandan shillings and pound sterling was at per. As years went by, the economy slid and degenerated into the present system were we are. The Ugandan shilling has lost value considerably to the extent even by 1997, when the rule of Iddi Amin was discontinued through the invasion from Tanzania, that time the exchange rate was 1$ to 7 shillings. That still was fairer” Wadri said.
Ministry of Finance reports that Uganda’s stock of public debt increased from 78 billion shillings in Financial Year 2021/2022 to 86 billion shillings in financial year 2022/2023.
Democratic Party Spokesperson in the region, Fadhil Lemeriga, acknowledges the improvement in economy but challenge government to empower citizens more.
“In 1979, Uganda was without any foreign debt. That is a record that no regime has achieved. And thereafter, President Museveni now took over. There were now conditions that Museveni had to acquire money from the West. It made foreigners to dominate. The economy is developing, right; for few people who have the means to access capital in this country. Favors foreigners easily, they are given free land, free capital, free electricity to go and compete with citizens who do not have similar advantages or amenities” he stated.
Among other measures to maintain debt at sustainable levels over the medium term, the Ministry of Finance plans to increase domestic revenue collections, careful management of oil resource.