President Museveni has hosted Abebe Aemro Selassie, Director of the African Department at the International Monetary Fund, at State House Entebbe, where the two discussed Uganda's economic performance and strategies to widen the country's tax base.
During the meeting, President Museveni expressed confidence in Uganda's economic trajectory, noting that the economy is growing at approximately seven percent annually and is projected to expand further, particularly through value addition.
"The economy is doing well and will do even better," the President said, adding that strengthening value chains in key sectors will accelerate growth.
Museveni emphasised that sustainable economic transformation must be underpinned by strong defence and security structures, arguing that stability remains a prerequisite for development.
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He reiterated Uganda's long-standing position that wealth creation should be driven by the private sector rather than state-owned enterprises.
"Some people said parastatals or government companies should lead the economy, but we rejected that. We said the main economy should be in the hands of the private sector," he noted.
The President underscored the importance of lowering production and business costs, including electricity, internet, fuel -- particularly jet fuel -- as well as expanding affordable railway transport and pipeline infrastructure to improve competitiveness.
He also called on the IMF to support measures aimed at reducing the cost of doing business and strengthening productive sectors such as manufacturing and agriculture.
Museveni highlighted the need for affordable financing for manufacturers and farmers, pointing to the role of the Uganda Development Bank in providing patient capital.
On market access, he stressed that while Uganda's domestic market continues to grow, access to regional and international markets remains critical.
"We must add value to what we produce. As the country grows at seven percent, it will grow even more with value addition," he said.
Selassie commended Uganda for maintaining consistent economic growth, describing it as one of the few African countries to sustain steady expansion over time. He encouraged continued reforms to broaden the economy and strengthen domestic revenue mobilisation through expansion of the tax base.
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The meeting reaffirmed the ongoing partnership between Uganda and the IMF in promoting macroeconomic stability and sustainable development.
