The state minister for finance, Fred Omach has revealed that the  cabinet meeting resolution of slashing taxes on imported sugar by 100% is to stay for only six (6) months as govt monitors the situation.

Addressing reporters today in Kampala, Omach states that they will keep a close watch on how prices for sugar will move but notes that the current high sugar price has been as a result of low local production with most of the consumed sugar now coming from overseas and highly taxed.

But the minister notes that even when they have slashed imported taxes on sugar by100%, this might not directly cause change in sugar prices at retail level for the local man.

He also adds that in the cabinet meeting, they resolved to revitalize the economy by cutting government expenditure, injecting more in the fish, agriculture and production sectors of Uganda.

 The junior finance minister also confirms to the nation that Uganda’s economy is healthy.

Ultimate Media