Freedom from Debt, Promotion of Regional and International Trade

Freedom from Debt, Promotion of Regional and International Trade

j) FREEDOM FROM DEBT
i. Reduce the national debt by allocating the balance of the petroleum revenues not needed in financing a maximum deficit of 3 per cent of the national GDP to external debt principal payment. Instead of investing the petroleum revenue in the sovereign wealth fund, it will be utilized to free Uganda from the external debt burden. Upon achieving freedom from the external debt, the funds will either be invested in a sovereign wealth fund or used to finance a maximum fiscal deficit of 3 percent of the non-oil GDP as originally intended.

ii. Eliminate budget deficits through development of a self-sustainable budget based on national projected revenues and focused elimination of wasteful expenditure.

iii. Adhere to the budget for the financial year and where necessary, minimized supplementary budget requests for only vital programs.

k) PROMOTE REGIONAL AND INTERNATIONAL TRADE
i. Negotiate and enact policies that will drive positive trade balance with countries from which Uganda imports goods.

ii. Revive co-operative unions through which the government will encourage and support industrialization spearheaded by Ugandans to promote import substitution.

iii. Ensure that Ugandan diplomatic missions develop commercial and economic relations with host countries to open them up to Ugandan goods and services.

iv. Create expanded markets through the realization and promotion of the East African Federation.

v. Undertake reforms for quick adjudication of cases because justice delayed is justice denied and delay in justice administration affects the social economic
transformation of the nation.


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