KAMPALA, Jan 29 (Reuters) – Uganda plans to cut external budget support by 84.2% year-on-year in the next financial year starting July, the finance ministry said late on Wednesday, amid efforts to ramp up domestic revenues.<\/p>\n
In a post on social media platform X, the finance ministry said, opens new tab<\/a> external budget support, which typically comes in the form of loans and grants, was projected to fall to 330.9 billion shillings ($92.72 million) in the financial year starting July, down from 2.1 trillion shillings a year prior.<\/p>\n Sign up here.<\/a><\/p>\n The ministry did not give a reason for the reduction but said in the next financial year the government was keen on “implementing strategies to boost domestic revenue mobilisation.”<\/p>\n In the 2026\/27 financial year domestic revenues are projected to rise 9% to 40.1 trillion shillings, the ministry said.<\/p>\n The East African country, which hopes to commence crude oil production this year, also plans to cut its domestic debt<\/a> issuance next financial year by 21.1% from the previous period to help trim its ballooning public debt.<\/p>\n ($1 = 3,568.6400 Ugandan shillings)<\/p>\n Reporting by Elias Biryabarema; Editing by Rashmi Aich<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n