Uganda last Thursday unveiled a 45-trillion-shilling ($12.3 billion; Sh1.3 trillion) fiscal budget that will revive the country’s economy after facing shocks from the Covid-19 pandemic, flooding and destructive desert locusts. Matia Kasaija, Minister of Finance, presented the 2020/21 financial year budget before Parliament in a ceremony broadcast live on television. Minister Kasaija said the government has increased import tax on goods that can be locally manufactured, in a bid to promote import substitution. Instead of relying on international supply, he said the scarcity of goods created by the Covid-19 pandemic has shown that local manufacturers can be empowered to step in. We have agreed with sugar manufacturers to produce refined industrial sugar locally and we shall protect them from imports,” Kasaija said.

Source: Standard Digital June 16, 2020 06:26 UTC