Today, the Finance Minister, Maria Kiwanuka is going to read the National budget 2013.
Mrs. Kiwanuka is expected to present the National Budget 2013 to parliament today at Kampala Serena Hotel. This will be the third budget speech Kiwanuka reads.
According to the draft budget for 2013/2014, the estimated budget for security is expected to raise to sh1045.9b from the sh945.1b for last year. The energy and mineral development sector budget is also going to be increased from sh1481.8b for the current financial year to sh1762.2b in the forthcoming financial year.
Below are the live updates as the reading takes place.
2:00pm – Delegates start arriving at the Serena Conference Hall where the budget speech will be delivered this afternoon.
2:15pm – Finance Minister, Maria Kiwanuka arrives at the Conference Centre ahead of the 2013/2013 national budget reading.
2: 20pm – President Museveni arrives at Kampala Serena Hotel ahead of the 2013/2014 national budget reading.
2:27pm – Anthems are played.
2:28pm – President inspects the guard of honor.
2:37pm – President Museveni enters the conference hall of Serena Hotel as Kiwanuka takes seat ahead of the budget reading.
2:38pm – Delegates sit ahead of national budget reading in the Serena conference hall.
2:45pm – Kiwanuka takes her seat ahead of the budget reading 2013/2014.
2:47pm – The national anthem is sung.
2: 55pm – Speaker of Parliament, Rebecca Kadaga officially opens the budget reading by welcoming the invited delegates.
2:59pm – Ms. Kadaga invites Min. of Finance, Kiwanuka to begin the 2013/2014 national budget for the financial year 2013/2014.
3:00pm – Kiwanuka – budget reading 2013/2014, 843kms of national roads were constructed in 2012 while designs for 723kms of roads were completed and are to be worked upon in 2013 / 14.
3:02pm – Kiwanuka: The economy grew by 5.1% last year. The Uganda economy regained a B+ Credit rating.
3:05pm – Kiwanuka: 6172 health workers were recruited to health centres. 250mw Bujagali power was fully commissioned delivering 68.5mw.
3:07pm – National budget reading 2013/2014, Kiwanuka: Increased salary for primary school teachers of 15% as of 2012. GDP growth has improved to 5.1% compared to 3.4% the previous year.
3: 10pm – Inflation has declined substantially to 3.6% as of May 2013 compared to 18% as of July 2012. A total of total of 2,322 km of transmission lines were laid under several Rural Electrification schemes. MV Kaawa rehabilitated now doing Port Bell-Mwanza: Finance Minister, Kiwanuka-2013/2014 national budget reading.
3:13pm – Interbank interest rates dropped from 26% to 8.6%. Inflation dropped from 18% at the start of FY to 3.6% recorded in May this year. A total of USD 767 Million were remitted from Ugandans in the diaspora.
3:15pm – Financial institutions act is to be amended to include Islamic banking and other flexible options: Finance Minister Kiwanuka, National Budget reading 2013/2014.
3:17pm – Financial sector to be boosted to facilitate innovation as supervision of micro finance institution is to be enhanced in the coming year.
3:20pm – The 2013/14 budget will look to achieve real economic growth of at least 7% in the short-term, inflation of about 6% p.a.
3:22pm – The economy expanded by 5.1% infrastructure 8.2% Electricity 10% Agriculture 1.4%. UBOS report revealed that investors requested for all-weather roads, piped water and skilled human resource. Investment in infrastructure will require non-traditional funding sources especially due to economic issues in Eurozone.
3:25pm – E- licensing registry was launched last week thus businesses can easily be registered online anywhere in the country. KCCA implemented a 25% reduction in trading license fees. The total saving anticipated from the implementation of e-licensing registry is Ushs 32.1 billion.
3: 27pm – The economy is expected to improve growth to about 6% per annum in 2013/14. Youth Venture Capital Fund was launched last year and over 5000 businesses have so far been supported by the fund. The stock of foreign exchange reserves amount to US$ 3.3 billion or 4.5 months of future import demand of goods & services.
3:30pm – Employment problem is complex and cannot be solved by government alone. Some of the causes of youth unemployment are their mindset that government will provide, the education system and youth seeking after white-collar jobs.
3: 33pm – 2013/2014 budget will prioritize productive infrastructure, human resource and agriculture development.
3: 35pm – URA is expected to collect Ushs 8486bn tax revenue and Ushs275bn in non-tax revenue. Total estimated saving from the reforms carried out this FY is UGX 54.56 billion, representing 7.52% reduction.
3: 36pm – Government’s priority is accorded to transport infrastructure. The 2013/2014 budget is going to invest in infrastructure development especially roads and electricity and agricultural dev’t through providing improved seeds. Ush2,395 b is going to be allocated to the roads and works sector in the next financial year, 2013/2014, an increase from U. Shs. 1,650.75 bn. All roads have been labeled either Agricultural Road, Tourist Road or Trade Road says Maria Kiwanuka.
3:40pm – Total resource incomes are estimated at 13 trillion.
3: 43pm – Next year 1,364Km of road will be accelerated. Construction of 18,000km of road network has been completed, 627 have designs complete. 1364km are ex to be constructed next year.
3: 45pm – 13 External financing of the 2013 will amount to UGX660Bn.
3: 47pm – Government is going to provide money to replace bridges destroyed by floods like Aoja bridge among others. Roads allocated UGX 352.9bn in this years budget.
3:50pm – Development of water transport on Lake Victoria will enable Uganda become the inland distribution hub for many countries in the region. Rapid bus transport to de-congest Kampala is underway.
3:53pm – Lake Victoria is a vital alternative as southern route to the sea. Water transport is the lowest cost of transport. Inland port facilities will be improved by constructing landing sites and providing ferry services.
3:55pm – Karuma power project has faced procurement challenges but will commence this year.
3:57pm – Dams Buseruka (9MW), Nyagak I (3.5MW), Kisizi (0.26MW) Bugoye (13MW), Mpanga (18MW), and Ishasha (6.5MW) have been commissioned. Nakapiripit, Amudat, Kaberamaido, Dokolo, Amolatar,Ntoroko, Alebtong, Moroto,& Napak, Kiruhura, Kyegegwa and Katakwi are now on grid.
3:59pm – UMEME has been required to install [15,000] pre-paid meters in order to ensure increased efficiency in electricity use next financial year 2013/2014.
4:01pm – Ushs 25.73bn has been added to the Rural Electrification Programme to facilitate the extension of electricity to the under-served. Kenya-Uganda and Rwanda-Uganda oil pipelines to be fast tracked next year. There will be review and redistribution of unused mineral licenses.
4:05pm – Innovation in ICT is no longer an option. Government is to continue support of Science and technology to add value products. Digital television transmission will be implemented. Agriculture is employing some 66% of the population.
4:07pm – Government is going to focus on development and research in agriculture to produce improved seeds for farmers. Over 35,000 farmers directly benefited from provision of improved maize seed, including inputs such as fertilizers. NAADS to create an extension system with the Agriculture ministry.
4:10pm – “I have allocated UGX 394.4Bn to Agriculture sector,” Finance Minister Kiwanuka at Serena Hotel reading 2013/2014 financial budget. An additional Ushs 9.2bn has been allocated to strengthen Fisheries Department. NAADS will be turned into a rural agribusiness secretariat to create an extension system with Agriculture Ministry.  Accessibility to tourist sites will be improved to access to Major game parks in the country.
4: 12pm – Challenges in tourism include lack of international accreditation to hotels, protection and conservation of wildlife. UShs 1,801 bn, representing 13.3% of the total budget to the education sector.
4:15pm – Students who benefit from government student loans to get government employment to help serve nation and recover the loan. The student loan scheme for science, medical and technology students will commence next financial year. “I have allocated UGX 1,800Bn to education sector,” Kiwanuka while reading the Uganda budget 2013/2014.
4:17pm – Continued improvement in health sector by equipping the Uganda Heart institute, Cancer Institute and other health facilities. Ushs 5.0 billion to support Teacher SACCOs across the country.
4: 20pm – Malaria is a drain on health care costs..government and partners will develop a strategy of malaria eradication.
4:23pm – Construction of piped water supply construction works in Kiruhura (95%), Kazo (92%),Kakuto(70%), Kakyanga (80%),Lyantonde (80%). Government to move away from renting office space and build own properties. Ministers will stop receiving further funding for rent if they have their own offices.
4:26pm – Institutions like police, IGG and DPP to be strengthened to fight Corruption and ensure accountability.
4:30pm – Proposes 10% excise duty on mobile money operators, even with VAT on water a jerrycan of water should cost Shs 40. Extra pricing should be considered premium, Excise duty on fuel to be increased by UGX 50, UGX 25 on cigarettes, proposes to increase vehicle registration fees by UGX 200,000.
4:33pm – Proposed increament on spirits from 70 to 140sh, 20% increament excise duty for gambling similar activities, 30,000 for third party insurance on motor vehicles and is expected to generate 12 billion in taxes.
4:40pm – Government has paid (Shs 7,951,178,192/=) in respect of Hotels, Hospitals and Tertiary Institutions, and NGOs. Resources will be utilized effectively and all mentioned measures to account for these resources will be implemented. 80% of this years resources locally generated.
4:45pm – Kiwanuka thanks all taxpayers because 80% of all the resources for 2013/14 budget are internally generated.
4:50pm – Finance minister, Kiwanuka concludes reading the 2013/2014 financial budget by thanking the different shareholders who have helped see the budget to light. Among these are President Museveni.
4:52pm – Speaker, Kadaga invites President Museveni to address in light of the reading of the national budget 2013/2014.
4:53pm – President Museveni begins addressing the delegates present at the Uganda budget reading 2013/2014.
4:57pm – The Industry sector grew at 6.8%, services -4.8%, construction- 8.4%, manufacturing-4.2% and Agric-1%. “We have adequate electricity at least for a little while, shall see more from its impact in 2013/14 on growth in various sectors,” President Museveni.
5:00pm – Export earnings this year were USD 4.9bn – President Museveni.
5:05pm – “Its a tragedy that countries like Uganda that are so far behind are the very ones delaying transformation projects,” Museveni.
5: 08pm – Museveni says he thinks people are jealousy of Prime Minister, Amama Mbabazi.
5: 11pm – Outsiders will fund only 18% of the budget – President Museveni. The NRM is in a category of it’s own when it comes to fighting criminality and corruption .
5: 19pm – This is the first time in Uganda’s history that such infrastructure development is funded by govt – Museveni. The one reason the economy of Ethiopia has been growing in double digits. Harnessing the power of the Nile. Building a dam. Lukwamuzi is the shadow minister of darkness not electricity.
5: 25pm – The Nile is threatened by the underdevelopment which is caused by peasants cutting down trees not building dams on the Nile – Museveni.
5: 30pm – President Musevnei says the threat to the Nile is lack of electricity & industrialization in the tropics.
5: 33pm – President Museveni concludes addressing the delegates who attended the reading of the financial budget for 2013/2014.
5: 34pm – Speaker Kadaga addresses the delegates.