The finance minister Matia Kasaija has urged Ugandans to work harder so that the government can collect more taxes from them as a means of reducing on the country’s debt stock burden that currently stands at a staggering 63.35 trilion as of october 2020.
Uganda’s debt burden has nearly hit the 50% ceiling of the country’s GDP, and Kasaija said that the only way the government can solve this problem is by collecting enough tax. By the end of the last financial year, the total public debt was $15.27 billion.
While appearing before the Budget Committee of Parliament on Tuesday, The Minister explained how his docket is planning to deliver the country out of the debts “Ugandans should work very hard so that government can get enough tax, that is the only way. In having the economy become more productive so that the tax revenue increases, this is the answer.” said the Minister
tasked on dealing with corruption in the country, the minister responeded saying the situation has reached a point of no return.
“It is a struggle because you are not going to clean the society in one day, the systems are there but they are also corrupted. The very person you have sent to catch the thief will join the thief,” Kasaija said.
Government will be refinancing an accumulated domestic debt of about Shs 8.5 trillion that is due in the next financial year.
Uganda’s 2021/22 projected budget is Shs 41.2 trillion.
