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Christine Aber wakes before the sun does in Northern Uganda. She sets up her modest stall and begins the daily grind – selling a humble mix of millet flour, rice,…
A leaked memo from the Office of the Prime Minister reveals that the government of Uganda plans to review and possibly approve borrowing proposals amounting to over USD 1.6 billion (UGX 5.8 trillion) during a cabinet-level meeting scheduled for Wednesday, March 26, 2025. The meeting, convened by the Prime Minister, is expected to consider 12 separate loan requests from various ministries and government agencies, targeting key sectors such as roads, energy, water, health, agriculture, and financial services. Loan proposals listed in the memo: €186.97 million and an additional €19.46 million from the African Development Bank for the Busega–Mpigi Expressway. €198.6…
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America’s Façade Fades. The United States, once hailed as the “indispensable nation” in global affairs, has abandoned even the pretense of enlightened leadership. Under Donald Trump’s administration, its foreign policy…
The International Monetary Fund has pointed to an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments across the globe. However, strikingly, the IMF shows the reduced role of the US dollar over the last two decades has not been matched by increases in the shares of the other “big four” currencies—the Euro, Yen, and Pound. Rather, it has been accompanied by a rise in the share of what by non-traditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singaporean dollar, and the Nordic currencies, according to recent…
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Artificial intelligence is set to affect nearly 40% of all jobs, according to a new analysis by the International Monetary Fund (IMF). IMF’s managing director Kristalina Georgieva says “in most scenarios, AI will likely worsen overall inequality”. Ms Georgieva adds that policymakers should address the “troubling trend” to “prevent the technology from further stoking social tensions”. The proliferation of AI has put its benefits and risks under the spotlight. The IMF said AI is likely to affect a greater proportion of jobs – put at around 60% – in advanced economies. In half of these instances, workers can expect to…
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Members of the budget committee of Parliament have demanded for an audit into the funds received by government to handle the COVID-19 pandemic.The demand was put to the Finance Minister Matia Kasaija who appeared before the committee on Monday to present government priorities in the Budget Framework Paper.In his statement to the committee the minister highlighted several interventions that have helped mitigate the adverse effects of COVID-19. These include increase in public health expenditure to cater for procurement of Personal Protective Equipment and testing kits and installation of Intensive Care Units (ICUs) in all 14 regional Referral Hospitals.The Dokolo woman…
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Government of Uganda is to borrow up to USD1.51 billion (UGX5.7 trillion) from various multilateral lenders, once Parliament approves the motions tabled before it. According to a parliament brief to the Finance Committee that CEO East Africa has seen, this includes the USD491.5 million already approved by the IMF Executive Board for Uganda and is now awaiting Parliament’s ratification. In fact, according to an April 2nd 2020 motion to Parliament, government had initially planned to borrow USD 250 million from the IMF but following the May 6th 2020 decision by the IMF, the Ministry of Finance withdrew the first USD250…
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The Executive Board of the International Monetary Fund (IMF) on Wednesday, May 6th approved a disbursement of USD491.5 million (UGX1.87 trillion) under the Rapid Credit Facility (RCF) to help deal with the effects of Covid-19. According to an IMF media release, the money is to “finance the health, social protection and macroeconomic stabilization measures, meet the urgent balance-of-payments and fiscal needs arising from the COVID-19 outbreak and catalyze additional support from the international community.” “The Ugandan economy is being severely hit by the COVID-19 pandemic and, in particular, such key sectors as services (tourism), transport, construction, manufacturing, and agriculture. The challenging…
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Ms Georgieva, who was previously chief executive of the World Bank, becomes the first person from an emerging economy to lead the IMF. She will succeed Christine Lagarde, who is leaving to become head of the European Central Bank (ECB). Ms Georgieva was the only nominee for the job. Who is Kristalina Georgieva? The 66-year-old economist, the daughter of a civil engineer, studied political economy and sociology at the Karl Marx Higher Institute of Economics in Sofia while Bulgaria was still under communist rule. Kristalina Georgieva, the new MD IMF After graduating in 1976, she got her first taste of…
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