More could have been achieved in last 35 years
Wednesday May 12 2021
Under President Museveni s reign, privatisation put key sectors of the economy such as banking in the hands of foreigners, which has created exploitative tendencies. PHOTO/FILE
Summary
By the time President Museveni captured power in 1986, there was a consensus that he inherited a broken economy. Therefore, it has been very difficult to work on a pile of problems that continue to grow year in year out.
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In the last 35 years of President Museveni’s reign, at least so much has been done but economic analysts and policy experts agree more could have been done because of the will and patience by both Ugandans and development partners.
Daily Monitor
Tuesday May 11 2021
Summary
Covid-19. 2020 was a difficult year in the banking sector as borrowers capacity to repay loans was highly impacted by the pandemic.
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Compared to tourism or education which continues to suffer the brunt of Covid-19 and the resultant containment measures instituted by the government to control the spread of the pandemic, the banking sector seems to be sailing through the tides rather unscathed as evidenced by the profit margins the industry players closed their accounts with.
Apart from banking and telecommunications, most economic sectors, including the Micro, Small and Medium enterprises continue to take a hit as the battle to contain the Covid-19 pandemic takes shape, thanks to the availability of a vaccine whose uptake remains disturbingly low.
Daily Monitor
Monday May 10 2021
Summary
Ms Regina Navuga, the in-charge for Financing for Development Programme at Southern and Eastern Africa Trade, Information and Negotiations Institute (SEATINI-Uganda), in a separate interview, said Uganda is not the only country facing fiscal deficit.
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Uganda is unable to exclusively finance its ambitious infrastructure projects from domestic revenues due to a narrow tax base.
Officials said the tax revenues are lower than 16 per cent of the Gross Domestic Product (GDP), the average for African countries.
Part of the problem, according to experts, is the government’s failure to effectively tax and collect revenues from the informal sector that roughly accounts for half of Uganda’s economy.
Daily Monitor
Tuesday April 20 2021
Summary
Suppliers online. All companies that will supply goods and services in the oil industry must register on the National Supplier Database through the Petroleum Authority of Uganda website.
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Oil and gas matters are back on the agenda after three crucial agreements were signed by Ugandan and Tanzanian authorities, as well as French oil giant Total, the majority shareholder in Uganda’s oil fields and China National Offshore Oil Corporation (CNOOC).
The agreements signed on Sunday April 11, 2021 at State House Entebbe by President Museveni, Tanzania’s President Samia Suluhu Hassan and the chief executive of Total, Mr Patrick Pouyanne, pave way for the eventual Final Investment Decision (FID), a point at which major financial commitments should be undertaken by the oil companies, in this case Total and CNOOC.