Category «National News»

Economists doubtful about economic growth projections

By Moses Ndhaye A section of local economists has poked holes in the over 40 trillion shilling budget read yesterday by finance minister Matia Kasaija will not address the country’s sticking issues such as unemployment. The 2019/20 budget shot up from 32.7trillion shillings to 40.5trillion shillings in the just ending financial year. According to senior development economist Dr.Fred Muhumuza, although the economy is projected to grow at a rate of 6%, majority of the population will not benefit from this growth. He says this is because, the industries being created are not creating the 600 jobs which the country needs to create annually. He says what is required is to ensure that emphasis is put on the agriculture sector which …

Uganda’s trade within EAC hits Shs 4.70 trillion

By Moses Kyeyune. Uganda’s formal exports to the East African Community partner states have been on the rise, increasing to 4.7 trillion shillings from 1.6 trillion shillings in just eight years. According to the Trade and Investment Report by the ministry of Finance, Uganda’s exports to the rest of the regional players was 425.2 million US-Dollars in 2010, but jumped to 1.3 billion US Dollars by the end of December 2018. The report indicates that exports to Kenya and South Sudan registered the fastest growth. For instance, exports with Kenya jumped from 180 million US Dollars in 2010 to 580 million in 2018, reflecting a growth value of 1.5 trillion Uganda shillings. Trade with Burundi and Tanzania remained relatively low, …

EAC member states to present national budgets

By Moses Kyeyune. Citizens across the East African region are filled with anxiety ahead of budget readings. All five countries; Uganda, Kenya, Tanzania, Rwanda, Burundi except South Sudan are expected to read out their budgets for the FY 2019/20. The selected theme for the regional economies is, “Industrialization for Job Creation and Shared Prosperity”, which has been carried over since 2017. According to Uganda’s Back Ground to the Budget document generated by the ministry of finance, over the first four years of the NDP II period, annual economic growth averaged 5.3 percent. Real per capita GDP for Uganda has also been reported to have increased from US$ 751 in FY 2014/15 to US$ 825 in FY 2018/19. This, according to the …

Lukwago worried of KCCA debt

By Prossy kisakye. The Lord Mayor of Kampala Erias Lukwago is worried that Kampala capital city authority may fail to execute its duties due to huge debts it’s having now. Lukwago revealed that the council is prompted to call the authority leaders who resigned to explain how the authority added up to huge debts. He expounded that much of the kcca mounted from courts after losing several cases filled by kcca workers Lukwago said that now the authority’s accounts are freezes they can’t access money which has limited the proper running of day to day activities.

Budget to reflect five year achievements

By Moses Kyeyune. President Museveni is today expected to state the milestone of Uganda’s projected leap into a middle income status economy. Five years ago, the President launched the Second National Development Plan (NDP II) which would propel Uganda to a first world Economy in what was termed as the Uganda Vision 2040. Running under the theme “Strengthening Uganda’s Competitiveness for Sustainable Wealth Creation, Employment and Inclusive Growth” five critical areas with a multiplier effect on the economy; Agriculture; Tourism; Minerals, oil and gas; Infrastructure as well as Human capital development. The plan was also projected to stimulate an average growth rate of 6.3 per cent and per capital income of USD 1,039 (about 3.7 million shillings) by 2020. Has …