The inflation rate rose sharply in December to 5.7%, the highest rate in six months, mainly because of an increase in the price of food crops to 10.8%, according to the Uganda Bureau of Statistics. Headline inflation in November was 4.6%.
The finance ministry has signed two loan agreements with the African Development Bank (AfDB) to finance the construction of the 23.7 kilometre Busega-Mpigi Expressway project and rehabilitation of its auxiliary road to Rwanda.
The European Union (EU) and the finance ministry signed an agreement to support the third phase of the financial management and accountability programme, which aims to improve accountability, and transparency in managing public resources.
A parliamentary committee has questioned the return of investment on Mbarara Industrial Park, finding that the park’s management failed to collect rent dues from some tenants and to evict the defaulting entities.
Russia is looking for another homegrown company to finance and construct Uganda’s greenfield oil refinery, following the exit of RT Global Resources, the consortium led by Rostec, a state defence and technology corporation.
There are big discrepancies in the salaries of the chief executives of parastatals, authorities and commissions arising from the legal frameworks which set up the entities, according to a report passed by Parliament last week
Uganda’s coffee exports in November 2016 were 408,027 60-kilo bags worth $50.41 million, a 64% increase in volume and 101% rise in value compared to the same period in the previous year, according to official figures.
The Bank of Uganda on Wednesday lowered the central bank rate by 100 basis points from 13%, set in October, to 12%. The bank’s monetary policy committee said the rise was necessary to “keep the domestic economic growth momentum.”
Parliament on Wednesday approved two motions that allow the government to borrow $102.88 million for rural electrification projects. The government will borrow $91.5 million from the World Bank and $11.32 million from Kuwait.