Kampala, Uganda | THE INDEPENDENT | Experts and think-tanks have warned the government against introducing policies aimed at mitigating the effects of rising commodity prices, but also blamed it for poor management that has allowed the current situation to escalate. Until now, the government has rejected any suggestions that it introduces …
Read More »AU Commission Chairperson says Africa becomes “collateral victim” of Ukraine conflict
Addis Ababa, Ethiopia | Xinhua | The African continent has become a collateral victim of the ongoing Russia-Ukraine conflict, the Chairperson of the African Union (AU) Commission Moussa Faki Mahamat said Wednesday. “By profoundly upsetting the fragile global geopolitical and geostrategic balance, it (Ukraine conflict) has also cast a harsh light …
Read More »IMF warns of further downside risks for global economy
Davos, Switzerland | Xinhua | The International Monetary Fund (IMF) on Tuesday warned of further headwinds for the global economy and spiralling inflation around the world due to the conflict in Ukraine, while voicing that China will remain an engine of growth after the “near-term headwinds”. “We are seeing additional weaknesses …
Read More »IMF chief urges fast, well-coordinated actions to tackle food crisis
Washington, U.S. | Xinhua | The International Monetary Fund (IMF) chief said on Wednesday that the Russia-Ukraine war has led to food shortages and sharply higher prices, urging the international community to take fast, well-coordinated actions to tackle food crisis. The war has created “a crisis on top of a crisis” …
Read More »Global economic growth dragged down by spillover from Ukraine crisis
United Nations | Xinhua | The global economy is predicted to expand by only 3.1 percent this year, down from the 4.0 percent projected in January, largely due to Russia’s special military operation in Ukraine, according to UN’s latest World Economic Situation and Prospects (WESP) report, launched on Wednesday. As the …
Read More »Deputy Speaker appeals for cut in interest rates
Kampala, Uganda | THE INDEPENDENT | The Deputy Speaker of Parliament, Thomas Tayebwa, has implored Bank of Uganda and all players in the banking sector to consider lowering lending rates, in order encourage more production and counter the anticipated inflation due to the rising commodity prices. Tayebwa said he was concerned that …
Read More »Global factors impacting Uganda’s economy: BoU
Kampala, Uganda | THE INDEPENDENT | Officials from Bank of Uganda and the National Planning Authority (NPA) have told Members of Parliament that the state of the economy is struggling because of global related factors. The officials were interfacing with the Committee on National Economy to discuss the state of the …
Read More »The gathering stagflationary storm
Impact of negative aggregate supply shocks that have curtailed production and increased costs COMMENT | NOURIEL ROUBINI | The new reality with which many advanced economies and emerging markets must reckon is higher inflation and slowing economic growth. And a big reason for the current bout of stagflation is a …
Read More »Ukraine crisis affects E. Africa’s food security: WFP
Overlapping food crisis risks in the region come at a time when most countries are facing increased fiscal imbalances and rising public debt pressure Addis Ababa, Ethiopia | Xinhua | The ongoing Ukraine crisis is negatively affecting East Africa’s food security through reduced food supplies, accessibility and high prices of food, …
Read More »How will banks perform as the economy recovers?
Borrowers took more loans in 2021 compared to a year before Kampala, Uganda | THE INDEPENDENT | Uganda’s largest commercial banks reported a sharp growth in earnings in 2021, pointing to the recovery of the economy following its partial reopening. However, some are worried about risks arising from inflation and …
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