14 February 2013

Uganda: First Economic Update Report Launched

Harnessing the potential in regional trade to help Uganda's economy expand and diversify, the report has been launched by World Bank.

According to the report, despite having one of the world's highest rates of population growth Uganda has an impressive record of economic growth and poverty reduction. Apart from the report giving recommendations on how to increase Uganda's economy and regional integration like reduction on transport costs looking at the road infrastructure, some of the panelists also gave some recommendations.

Keith Muhakanizi, Deputy secretary to treasury one of the panelists at the launch says "there should be reforms in public expenditure, by which we should raise public investment to reduce on the public expenditure." This is one way, which will stimulate the economic growth in Uganda; he further says, " The government needs to invest more in quality education and Human Resource."

Patrick Bitature the Chairman of Uganda Investment Authority one of the panelists too also says "Uganda must look at double digits in order to take on the growth, as a country there should be high levels of investment, should be market driven resource allocation, export oriented, equity and quality opportunity, finally peace and security is inevitable so a lot of income should be invested in that sector."

Present at the launch was the Minister of finance Maria Kiwanuka who gave the opening remarks and the Minister of trade Amelia Kyambadde.

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