By Melanie Aanyu,

The Finance ministry has said there is no hope of reducing taxes amid the rising cost of living.

Finance minister Matia Kasaija made the remarks while launching the Budget month for Financial Year 2022/23 at the media centre in Kampala, yesterday.

Government’s move in the fiscal year 2022/23 aims at providing avenues for increasing production in the economy and helping people to generate more incomes by engaging in economic activities for increased household income.

The ministry of Finance said the Economic Policy Framework in the short to medium-term aims at restoring economic activity to pre-pandemic levels and accelerating socioeconomic transformation.

He said the three objectives are to ensure peace and stability through enhanced security and macroeconomic stability, mitigating the impact of the Covid-19 pandemic and to enhance socio-economic transformation by redirecting budgetary resources towards wealth and job creation, industrialisation, export promotion and other areas with high returns on investment.