14 November 2008
editorial
Kampala — The world is facing a possibility of recession due to the financial crisis in the United States of America. Uganda is starting to feel the impact in the rising fuel prices, declining Nkuba Kyeyo remittances and a slow-down in the economy.
This is the time we must come together and draft measures to reduce the impact of external financial squeeze. Government should mobilise local experts to study the situation and come up with guidelines on how we can steer through the crises. This may involve deliberate efforts to cut expenditure and avoid extravagance in Government spending. We must budget tightly and put emphasis on job creation projects.
People must also be advised on how to react to the financial crunch, monitor their expenses, spend wisely and be resourceful. Government must ensure that no financial institution takes advantage of the situation to fleece citizens of their scarce resources.
Above all, we must get together on the way forward. It is not time for politicking. Both the opposition and ruling party should find a way of making recovery a mutual effort through consultations, involvement and openness.
With unity, preparedness, proper analysis and advice, Uganda can get through the possible world recession safely.
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