The permanent secretary and secretary to Treasury ministry of finance Ramathan Ggoobi has emphasized that no country has ever achieved development by borrowing.
Ggoobi said this during the Review of the Resource Envelope for the 2024/25 financial year workshop in Munyonyo, Kampala.
He stressed the necessity for the government to focus on saving and increasing revenue collection to address challenges, particularly stemming from commercial loans.
Ggoobi highlighted that in the upcoming financial year, there will be a concerted effort to bolster revenue generation and combat tax evasion and avoidance, with the Uganda Revenue Authority (URA) slated to receive comprehensive support in this regard.
He also pointed out that the window for budget borrowing has been shrinking, underscoring that the economy has reached a point where commercial borrowing should cease.
According to him, sustainable development is achieved through prudent financial management, emphasizing the importance of saving and enhancing revenue streams.
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