Special Reports

Museveni To Give State of Nation Address

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Ugandans would like to hear from Museveni Uganda’s progress in stabilising South Sudan and the prospects of returning troops back home.


According to the Central Bank’s Research Executive Director Dr. Adam Mugume, the country had before December last year been exporting $ 50 million worth of goods per month to the neighbouring country, which figure has now reduced to between $20-30 million.


“South Sudan used to be our major export destination before the outbreak of the crisis and now it has been replaced by the Democratic Republic of Congo,” he said.


“We really hope that in the coming fiscal year the situation will be stable again.”


Museveni is also expected to give remarks on reports that government will in the next financial year increase taxes on consumer goods.

Economy

With government struggling to raise funds amid donor aid suspensions and tax shortfalls, the President should explain how the country will move forward without levying strenuous taxes on the common man.


While Bank of Uganda continues to paint a picture of a booming economy with low inflation rates, commercial banks are registering an increase in the number of bad debts.


According to the Deputy Governor, Central Bank, Louis Kasekende, the growth for commercial bank credit to the private sector picked up slightly in February 2014 but remains sluggish, with year-on-year growth of 6.8 percent which was below the Bank of Uganda projections at the beginning of the financial year 2013/14.


Kasekende pointed out that average bank lending rates for shilling denominated loans fell to 20.8 percent in February 2014, the lowest level since mid 2011.


“Nevertheless, a faster recovery in credit growth may be impeded as banks focus on improved credit quality,” he observed.


He also noted that domestic borrowing in the upcoming financial year will be about Shs1.7tn due to revenue shortfall and supplementary budgets.


Officials say economic growth in 2013/14 is projected at around 6 percent and at 6.5 percent in 2014/15 supported by strong growth in public sector investment activities.


Museveni should as well specify steps taken by government to address youth unemployment. For the better part of this year, Museveni has been preaching the gospel of commercial farming as one way of job creation.


The President told army officer at Kyankwanzi on Wednesday that the main concern and challenge today is to get out the 68 percent of the population from subsistence farming to modern commercial agriculture, which he said will pave the way for real economic emancipation of Uganda.


The President should also tackle the issue of insecurity especially at this time when cases of soldiers being charged with subversive activities at military courts are on the rise.


Recently, UPDF soldiers were arrested for conspiring to attack Kabamba barracks in Mubende.

The former Coordinator of Intelligence organs, Gen David Sejusa, remains in UK in exile. President Museveni should address the nation on progress registered by UPDF in Somalia and Central African Republic.


The President’s speech, according to aides, will focus on government’s achievements in the last financial year especially on infrastructure and the planned massive rehabilitation of health facilities among others.


He will also discuss steps taken by government to restore confidence in the Electoral reforms amid calls for electoral reforms.


Chimpreports will give a live coverage of the State of the Nation Address on its Facebook page and Twitter handle (@ChimpReports).

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