The 2024/2025 financial year is here and the Government’s fiscal strategy aims at attaining inclusive economic growth, while maintaining a stable macroeconomic environment and preserving debt sustainability; it will require sh72 trillion. As an infrastructure financing enthusiast, I am happy with the Government’s goal of achieving fiscal strategy through continued investment in public infrastructure for inclusive growth — that is the right way to go. Public infrastructure is wide, but the most important aspects would cover transportation (bridges, roads, airports, rail transport), water (water supply, water resource management, sewage and drainage systems) and energy—power generation and distribution. Given the revenue…
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The World Bank has, in its latest forecast, painted Uganda’s economic prospects for 2024 as much brighter compared to her neighbours in the Sub-Saharan Africa region. The World Bank published its ‘Global Economic Prospects Report’ on 8th January showing Uganda’s growth is projected to strengthen between 5.4 percent in 2024 and 5.7 percent in 2025 largely backed by oil investments. This is slightly below the Bank of Uganda’s projections at 6 per cent for the Financial Year 2023/24 supported by the continued recovery of industry, agriculture, construction, services and continued foreign direct investments. The World Bank shows a similar pattern…
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In an effort to boost Uganda’s renewable energy sector, key stakeholders met at the “Renewable Energy Business Accelerator Dialogue,” to address critical issues surrounding Small and Medium Enterprises (SMEs) in the renewable energy industry. The initiative, organized by Belli Advisory and supported by GIZ Energizing Development (EnDev) Uganda, enabled beneficiary companies to receive training and mentorship in the areas of Strategic Planning, Investment Readiness, Marketing, Operations, Human resource management and Financial management. The event, held under the theme “Empowering SMEs for Sustainable Growth,” focused on the significant role SMEs play in driving economic development, innovation, and wealth creation in Uganda,…
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In 2022, Uganda received USD 1.3bn in remittances from its diaspora community according to a World Bank and KNOMAD report. This would account for about 4.5% of Uganda’s GDP and make Uganda the 8th biggest recipient of remittances below Sudan and DRC, but ahead of Mali and South Africa. In general, remittances to sub-Saharan Africa increased by 6.1% to USD 53bn in 2022 driven by several African countries dealing with food insecurity, supply chain disruptions, severe drought (Horn of Africa), floods (in Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and high youth unemployment/underemployment rates (Uganda) that force people to…
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As Uganda comes to terms with the suspension by the World Bank of any future lending to the country over its recent passing of the Anti-Homosexuality Act (AHA) and what that could mean to a number of Bank-funded infrastructure and social service projects, another victim of the expected international pushback is the country’s currency- the Uganda Shilling. The Shilling which has, unlike its regional peers been resilient against the US dollar for much of 2023, opening the week at a strong UGX3600 on Wednesday 09th 2023 lost more than UGX40 in a single day’s trading, closing at an average of…
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By Nathan Were The island nation of Sri Lanka is not poor. Its per capita GDP – when adjusted for purchasing power – is higher than South Africa, Peru, Egypt, and Indonesia. However, the country now faces its worst economic and social crisis since its independence in 1948. The financial system has collapsed, and fuel, food, electricity, and medicine shortages cripple the island nation of 22 million people. Its people have taken to the streets to protest and demand the resignation of President Gotabaya Rajapaksa, who took over the country in 2019 with a 52 percent election win. Thousands of…
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As the team at Kampala Capital City Authority (KCCA) enters the final stage of evaluating contractors for upcoming road projects, some bidders, afraid of the process, have resorted to blackmail. The KCCA is in the final stages of awarding contracts for over five city roads, including Sir Appollo Kaggwa, Sentema, Seventh Street, Sentema, Old Portbell, Salaama roads, among others in the USD 288 million funded African Development Bank (AfDB) funded projects. To be implemented under 5 lots, the 70 kilometres worth projects have two lots earlier advertised currently under evaluation, with some of the KCCA known contractors including China Railway…
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Uganda’s Emmanuel Nyirinkindi has been appointed to a senior job at the World Bank is an endorsement for locally bred capabilities and professionals. Nyirinkindi was last week appointed the vice president of Cross Cutting Solutions at the International Finance Corporation (IFC), a member of the World Bank group focusing on the private sector in developing countries. The appointment was announced in a statement made by World Bank Group President David Malpass Prior to his current appointment, he worked as the IFCs global director for Transaction advisory Services. He joined IFC in 2006 as a Senior Investment Officer in South Africa…
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The government is in advanced stages to secure UGX1.4 Trillion from the World Bank to support the free Electricity Connections Policy (ECP). According to the Minister of Energy and Mineral Development Mary Goretti Kitutu, the money expected to be obtained at the beginning of the financial year 2022/2023 is one of the interventions to ensure smooth electricity connections in the country.Kitutu presented a statement on the floor of parliament on Wednesday regarding the Electricity Connections Policy. The statement follows issues previously raised by legislators regarding the suspension of the free electricity connection policy. The Government on 7th December 2020 gave power…
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The World Bank has appointed Keith Hansen as the new Country Director for Uganda, Rwanda, Somalia, and Kenya effective September 8, 2020. Hansen who will be based in Nairobi, Kenya takes over from Carlos Felipe Jaramillo, who has since been appointed as the Vice President for the Latin America and the Caribbean According to the statement by the World Bank, Mr. Hansen, who has over 30 years of experience in development practice, will lead an active multi-country portfolio consisting of over 100 projects spread around energy, COVID-19, education, and agriculture among other sectors in the four countries, totalling more than…
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