UGANDA’S ECONOMY STEADY
Feb 19th, 2009 by admin
Uganda’s economy is expected to continue growing despite falling exports according to the International Monetary Fund. In its annual review of Uganda’s economy – one of the fastest growing in Africa – the IMF forecasts a sustained growth of seven per cent. It says Uganda’s economy is prepared to face global economic challenges given its low public debt, high level of international reserves and sound banking sector. Uganda’s economic boom has been helped by the discovery of oil in western Uganda, which has attracted more investors. But Uganda’s central bank governor, Tumusiime Mutebile, sounded a note of caution, warning the global recession could reduce the country’s earnings from remittances, exports and foreign aid.
