Before the outbreak of COVID-19, the government had projected the economy to grow by 6.3 per cent, but this was disrupted when Uganda and its trading partners shut down their economies, virtually halting most of the economic activities.
President Ndayishimiye made the remarks after a tour of the new state-of-the-art Picfare Industries plant in Kampala Industrial and Business Park, Namanve, where he was shown products ranging from scholastic materials to apparels.
According to government projections, debt will exceed the 50 percent Debt to GDP ratio in the 2021/22 financial year to reach 51.9 percent and then decrease to about 51.2 percent in FY22/23 and further decrease to 49.9 percent in FY 2023/24.
“So FID is a series of actions that basically ensure the projects are sanctioned for execution, it's never a one event or a contract that is signed. With the signing of the contracts that was done on the 11th, the projects have really been sanctioned," the Chief Legal and Corporate Affairs Officer at the Uganda National Oil Company, Peter Muliisa clarified. "You will soon see Parties committing to spending by grant of contracts to subcontractors.”