Uganda National Budget 2012/13

The 2007/08 National Budget: Priorities for Renewed

Economic Growth and Development

Ugandan Finance Minister Honourable Maria Kiwanuka’s 2012/13 budget is guided by five revolutionary events that are impacting the domestic economy. Firstly, Europe continues to flirt with crisis, while the United States economy has not yet shown signs of a return to robust economic growth and Japan economy is struggling. Vulnerability to global shocks arising from greater integration as seen in low export receipts and workers remittances remains a major concern. Financial contagion in the periphery of the Euro zone coupled with stagnant growth of its major economies present a bleak economic future for developed Europe. Following on from Ireland, Greece and now Spain, the domino contagion in Europe continues with declining prospects of containment. As a consequence, European governments could possibly cut back in development aid to African countries, Uganda inclusive