In the next financial year 2010/2011 Uganda will be able to fund 75% of it annual budget from its own resources and only 25% of the budget will be funded by donors or Uganda’s development partners.
In the budget which the Minister of Finance, Planning and Economic Development, Syda Bbumba, under the theme “Strategic priorities to accelerate prosperity for all” Uganda will have an expenditure of over 77 trillion shillings which expenditure will largely be funded by Uganda’s own generated income.
The Syda Bbumba has told delegates that attended the budget speech at Serena Hotel that the key priority areas of next year’s budget will include the infrastructural development, enhancement of Information, communication and technology sector, improvement of agricultural production and private sector development.
Bbumba says next year the government will establish an industrial training fund for the youths and over 2 billion shillings has been put in this fund as one of the ways of addressing the looming unemployment problem amongst the youths in Uganda.
Bbumba says this budget is the first to directly address the concern of the youths, so they should see this as a unique opportunity and use it to get themselves out of unemployment and poverty.
The President of Uganda Yoweri Kaguta Museveni says he is delighted over the establishment of this fund because it will give the unemployed youths with entrepreneur skills to begin projects borrow from the fund at a very low interest rate of only 5% to begin such projects that they may wish to begin.