The government of Uganda’s combined revenue shortfalls are estimated at 5.5 trillion shillings ($1.44 billion) in the last two fiscal years due to the pandemic-induced shocks, Monitor newspaper reported, citing Uganda Bankers’ Association (UBA).

Indicative statistics showed revenue shortfalls of 3.2 trillion shillings in FY 2019/20 and 2.2 trillion Shillings in FY 2020/21, said Sarah Arapta, CEO of Citibank Uganda and Chair of UBA.

She added that budget deficits rose sharply to 7% and 9% in FY 2019/20 and FY 2020/21, respectively.

However, merchandise exports rose 3.8% month-on-month to $379.16 million in July 2022, with the majority of exports to the East African Community.

Arapta recommended growing cross-border trade, payment gateways and settlement systems as a path to recovery in the wake of the pandemic.

(Editing by Seban Scaria