Uganda must strengthen its balance of payments(BOP) by expanding exports of goods and services, pills http://center4research.org/wp-admin/includes/export.php if the country is to achieve its long term development objective of raising the economy to middle income status, find http://cupidfemalecondoms.com/wp-admin/includes/edit-tag-messages.php Bank of Uganda Deputy Governor, Dr Louis Kasekende has said.
The Deputy Governor was delivering a key note speech at a High level Policy Dialogue at Makerere University, Kampala on Tuesday.
The dialogue was held under the theme – Uganda’s Economy: Directions, Prospects and Challenges.
According to Kasekende, expanding exports is necessary to narrow the trade and current account deficits, and generate the resources to service the county’s growing foreign liabilities.
“Alongside this, we must attract much more private investment into labour intensive, modern, formal sector businesses, to strengthen the growth of labour productivity,” he added.
These two goals, according to the deputy governor are linked because an expansion of traded goods production requires private investment in modern industries.
Kasekende said to achieve these mutually compatible goals will require focusing on sets of policies.
“First, we cannot expect to improve our balance of payments without a competitive real exchange rate, he said.
He added that the real exchange rate is the most important relative price for producers of traded goods, because it is crucial for their profitability.
Kasekende said planned large scale public sector projects which will be financed mainly with external capital are a source of currency mismatch.
He said some of these projects will add to Uganda’s growing external liabilities which will need to be serviced with foreign exchange payments while in the short run, they will make little contribution, even indirectly, to earning or saving foreign exchange.
“It is crucial to maintain healthy buffers of foreign exchange reserves to protect the balance of payments against adverse shocks, of the type we have suffered over the last 18 months, when export earnings stagnated and foreign direct investment declined,” he noted.
He urged Government to implement measures to improve the business environment if Uganda is to attract more private investment in productive enterprises.
According to the deputy Governor, the business environment is crucial for private investors because it affects the costs of doing business and the risks involved.
He noted that in the 2015/16 Global Competitiveness Report, corruption was cited by respondents in, the business community as the most problematic factor for doing business in Uganda, well ahead of access to finance, taxation and the supply of infrastructure.
He divulged that that it the region does not tackle this problem, the investments in public infrastructure and in deepening the financial system will not be sufficient to mobilise the private sector investment the Ugandan economy needs to drive its structural transformation.
The first nomination day for presidential candidates for next year’s general elections ended this afternoon amidst calls for tolerance and observance of electoral rules.
Only three out of five aspirants were successfully nominated in the names of incumbent President Yoweri Museveni, more about http://clearskinconcierge.com/acne/wp-content/plugins/wordpress-23-related-posts-plugin/views/connect_notice.php Hon Amama Mbabazi and Prof Venansius Baryamureeba.
Former Kampala Mayor Nasser Ntege Ssebaggala late in the afternoon sent in a request to the Electoral Commission to withdraw from the race, clinic while Charles Lwanga’s nomination failed because he was not fully prepared.
Five more aspirants are expected to be nominated tomorrow Wednesday, for sale among them leading opposition FDC flag bearer Col Kizza Besigye.
Speaking to reporters at the close of the day’s work, the Commission Chairman Eng Badru Kiggundu said he would continue to engage with the candidates in boardroom discussions after the nomination process to minimize and or eliminate possible conflicts and glitches throughout the campaign trail
The Electoral Commission has provided brand new Nissan pickup lead vehicles to each one of the nominated candidates to help them during the campaigns.
According to Kiggundu, every contestant will also be provided with fulltime security to safeguard their lives throughout the election period.
“Security guards will be provided night and day to the candidates at the expense of the tax payer throughout the election. So candidates should not worry about incurring these costs,” he said.
Mr Kiggundi called upon the different parties to conduct their campaigns in a competitive but not aggressive manner.
“We brought up the initiative of handing the peace flag to nominated candidates. This symbolizes tolerance, peace loving and harmonious coexistence. It’s a good posture because we want a peaceful process,” he added.