A delegation from the ministry of Finance led by Hon. David Bahati Tuesday appeared before the Parliamentary Committee on Finance, Planning and Economic Development to present the Budget Framework paper for FY 2020/21.
Bahati said that the value of the Uganda’s petroleum Fund stands at UGX 70bn.
He said that the government can only access the fund through the laid down procedures in the Public Finance Management Act with the approval from parliament.
He revealed that Uganda’s debt level stands at 36.1% percent of the country’s Gross Domestic Product (GDP).
He further explained that Uganda’s debt level is the lowest in the African region whose debt threshold is 50%.
He informed the committee on Finance that the Second National Development Plan (NDPII) will come to an end in June 2020 and the NDPIII will kick start on July 2020.
He said that the NDP III is aimed at implementing the Uganda Vision 2040 aspirations.