Tag Archives: economy

Beijing, China | Xinhua | The U.S. Federal Reserve announced earlier this month the fourth consecutive three-quarter point interest rate hike to cool record levels of inflation, another aggressive move leaving economists fearing a recession ahead. The Fed has committed to hawkish rate hikes to fight inflation while standing by as …

COMMENT | Alfred Geresom Musamali | It was tough going through the two years of lockdown resulting from the Corona Virus Disease 2019 (COVID-19) pandemic in Uganda. But some households that survived the lockdown may not live through the prevailing financial one in the country. During some of that time, movement …

Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament, Anita Among, has proposed a meeting between the Leader of the Opposition (LoP), Mathias Mpuuga, and Finance State Minister (Privatisation and Investment) Evelyn Anite, after an unsatisfactory response to the LoP’s concerns on government’s failure to meet its financial obligations. In a …

Kampala, Uganda | THE INDEPENDENT | The Deputy Governor of the Bank of Uganda, Michael Atingi-Ego has told parliament that the country’s public debt has now hit 80 trillion Shillings. He says that Uganda’s debt servicing in the current financial year 2022/2023, is at a ratio of tax revenue estimated at …

Brussels, Belgium | Xinhua | The European economy is slowing down and a contraction is predicted at least for the winter months due to the energy crisis and high inflation, European Commissioner for Economy Paolo Gentiloni warned on Monday. “If we look at high-frequency indicators and the economic sentiment, we see …

Kampala, Uganda | Xinhua | Uganda is grappling with double-digit inflation as spillover effects of the global economic decline filter through the domestic economy, the country’s central bank, Bank of Uganda (BOU) has said. Domestic inflation hit double digits for the first time in a decade, rising to 10 percent in …

Kigali, Rwanda | THE INDEPENDENT | Rwanda and Uganda will lead East African Community’s growth next year, but the International Monetary Fund warns of tough times ahead. The tough times are being projected as a result of the tightening of economic policies, especially by the US whose Central Bank, the …

Washington, U.S. | Xinhua | The global economy is “dangerously close” to a recession, as inflation remains elevated, interest rates rise, and growing debt burden hits the developing world, World Bank President David Malpass said Thursday. “We’ve lowered our 2023 growth forecast from 3 percent to 1.9 percent for the global …

New York, U.S. | Xinhua | Oil prices fell on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand growth estimates for both 2022 and 2023. The West Texas Intermediate for November delivery decreased 2.08 U.S. dollars, or 2.3 percent, to settle at 87.27 dollars …

UN seeks help for developing world hit by rising debt costs United Nations | Xinhua | Fifty-four developing economies accounting for more than half of the world’s poorest people need urgent debt relief as a result of “cascading global crises,” the UN Development Program said Tuesday. It warned of the risks …