State Minister for Finance Henry Musasizi has assured Ugandans that the government is tracking economic pressures and will take further action where necessary to maintain stability.
Responding to MPs after presenting a statement on the economy, Musasizi warned against measures that could offer brief relief but weaken Uganda’s foreign-exchange reserves.
He questioned proposals for subsidies or prolonged use of reserves to ease pressure on the shilling. He asked how the country would cope if the strain lasted another year and exhausted its reserves.
“Do you want an economy with no reserves? The answer is definitely no,” he told Parliament.
Musasizi said the government was using gold to strengthen reserves under a policy that Cabinet had approved and communicated to Parliament.
He defended Uganda’s economic management, saying growth had averaged about six per cent over the previous decade.
The minister urged MPs to explain the government’s response to the public and use details from his statement to address concerns about the economy.
He said the Finance Ministry checks economic performance daily, including market movements and interest rates. These assessments help officials decide whether further action is needed.
Musasizi pledged to inform Parliament of any additional measures as conditions change.
Deputy Speaker Thomas Tayebwa urged MPs and other leaders to support efforts to stabilise the economy.
He said Musasizi could return to Parliament if further interventions became necessary. The relevant parliamentary committee would also continue discussions with the ministry.
Musasizi maintained that the government could overcome the current pressures while protecting economic stability.
