Cabinet in its sitting of yesterday approved the ratification of the agreement establishing the African Continental Free Trade Area (AFCFTA), according to the government spokesperson Ofwono Opondo who was addressing journalists at the Uganda Media Centre Tuesday morning.
The agreement signed in Kigali months ago by African presidents aims to create a single market for goods and services and the movement of business persons in accordance with Agenda 2063. So far, less than 10 countries have ratified the agreement.
The AfCfTA is also expected to promote economic, social and cultural development & the integration of African economies in order to increase economic self-reliance.
Cabinet has also approved the proposal to borrow US$87.5 million and accepted a grant of US$62.5 million from the International Development Association (IDA) of the World Bank as additional funding for the Development Response to Displacement Impacts Project (DRDIP).
Cabinet also yesterday agreed on Zero Tolerance to Corruption Policy 2018, with a number of objectives such as firmly renewing Government’s commitment to fight corruption by strengthening synergies.
“Inculcating a culture of integrity, accountability & patriotism at all levels is another objective of the approved Zero Tolerance to Corruption Policy 2018,” it was said.
The Zero Tolerance to Corruption Policy 2018 also has the objective to institute and effectively enforce anti-corruption measures. This includes strengthening and enforcing existing policies.
Uganda is the 151 least corrupt nation out of 175 countries, according to the 2017 Corruption Perceptions Index reported by Transparency International.