Private sector asks government to allocate budget resources to vital sectors
Posted Thursday, May 8 2014 at 08:52
The group also advocates for cutting down on consumption expenditure.
Kampala- The private sector has demanded that government cuts down on its consumption expenditure in the forthcoming national budget and instead allocate the resources equitably in key development sectors like infrastructure.
Speaking at a media launch of the East African Business Summit in Kampala yesterday, Mr Francis Kamulegeya, country senior partner, PriceWaterhouseCoopers Uganda said tough measures should be undertaken to ensure fiscal discipline and reduce public spending in unproductive sectors.
“We know the government has limited resources but the most important thing is to exercise fiscal discipline and ensure that the limited resources are allocated in an equitable manner,” he said.
He added: “The private sector is keen on seeing government spending public funds on key infrastructure projects and critical sectors that will help unlock the potential of the country.”
Uganda is expected to join the other East African countries to read the 2014/15 financial budget next month.
Meanwhile, the 2014 East African Business Summit due to take place in Kigali, Rwanda between June 4 to 6, will bring together chief executive officers of private companies and policymakers to discuss ways of exploiting emerging business opportunities within the East African region.
Established in 2002 as a joint initiative of Citibank, Deloitte, KPMG, Nation Media Group, PwC and the Serena Hotels, the Summit provides a platform for business leaders in the region to engage with policy makers.
This in meant to address gaps in the business ecosystem, explore ways of navigating the numerous opportunities in the region and discuss the emerging impediments to business growth.
KPMG Uganda country leader Mr Benson Ndung’u said the Summit will provide a platform to pull together business ideas and turn East Africa into an economic power house.