Tag Archives: economy

Riyadh, Saudi Arabia | AFP |  Saudi Arabia’s King Salman on Monday cut cabinet ministers’ salaries by 20 percent and reduced other state officials’ benefits in a continuing austerity drive to cope with lower oil revenues. The 160 members of the Shura Council, who include 30 women, will see a …

Unlike most past World Bank country managers for Uganda, the current boss, Christina Malmberg Calvo, is relatively media wary. She, instead, prefers to work quietly behind the scenes to execute her two key result areas; leading discussions between the Bank and the Uganda government, and overseeing projects involving the World …

There were ripples in the financial services sector recently when reports emerged that Crane Bank is in negotiations with a buyer. This is the second biggest indigenous bank and the country’s fourth largest bank by assets. ‘It’s owner and founder, Sudhir Ruparelia, is arguably the region’s richest man. Why would …

Extreme poverty in Uganda fell from 53.2% in 2006 to 34.6% in 2013 Poverty reduction among households in agriculture accounts for 79 percent of of national poverty decline from 2006 to 2013. According to the World Bank Group’s latest Poverty Assessment, the proportion of the Ugandan population living beneath the national poverty …

Shanghai, China | AFP | Two of China’s top steelmakers announced plans Tuesday to merge,creating the world’s second-largest manufacturer of the commodity as markets struggle with a glut caused by Chinese overcapacity. The world’s second largest economy is trying to overhaul its lumbering state sector and especially its steel industry, …

Beijing, China | AFP |  A key gauge of China’s debt has reached its highest level on record, setting off alarm bells of imminent risk to the banking system, a Swiss banking watchdog reported. China’s credit-to-GDP gap reached 30.1 percent in the first quarter of 2016, its highest level ever …

Businessman and author Andrew Rugasira has promised major reforms as he announced his intention to stand for president of what he has described as an ineffective Uganda National Chamber of Commerce and Industry (UNCCI). “The chamber is a far cry from its original mandate. It is institutionally ineffective, and it has …

THE LAST WORD: By Andrew Mwenda Why East African governments need to involve local firms in big infrastructure projects The East African nations of Kenya, Uganda, Tanzania and Rwanda are involved in massive investments in infrastructure. They are contracting companies to build roads, railways, bridges, airports, seaports, dams, electricity lines, …

Museveni badly needs $20bn for big projects, can his technocrats get it? President Yoweri Museveni has set goals for his government to construct a number of mega projects requiring about US$20 billion to finance in four years up to 2020. Can he achieve them? The projects include key oil infrastructure, including …

Harare, Zimbabwe | AFP | Zimbabwe announced Thursday it will introduce next month “bond notes” equivalent to the US dollar, sparking fears of a return to the hyperinflation that wrecked the economy several years ago. The country, led by authoritarian President Robert Mugabe, adopted the US dollar and South African …