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Seven force multipliers that accelerate your business growth

Martin Zwilling

By Martin Zwilling

The military has long recognized that machine guns are force multipliers for rifles, but businesses have been slow to capitalize on this concept. Sometimes all the planning in the world isn’t enough for business survival, when things change as fast as they do today. Every business, especially startups, needs all guns blazing quickly on every opportunity or insight into the market.

This point was highlighted well in the classic book, “Disrupting Digital Business,” by R “Ray” Wang, CEO and Principal Analyst of Silicon Valley-based Constellation Research. I recommend that every entrepreneur and small business investigate and implement as many as possible of his seven new business force multipliers that I will paraphrase here:

Information sharing through social media networks. The speed, interactivity, and sharing we can do today through the social media networks of Twitter, Facebook, and many others is a major force multiplier. Communications that traditionally could only be broadcast to all can now be done on a customized person-to-person level, interactively.

Soliciting user-generated online feedback and reviews. User generated content that is immediately available to other users is another positive force multiplier. Of course, it can also be a negative force multiplier, if you are not paying attention as an entrepreneur, or choose to challenge your customer’s view of reality.

Crowdsourcing for funding and ideas. Crowdsourcing allows entrepreneurs to bypass the experts and professional investors, to get quick validation and help for efforts that meet the needs of today’s audience. New ways are being developed every day to reward and influence people who participate in crowdsourcing, for a very low cost.

Flash mob activities created for immediate impact. These can be utilized as force multipliers by creating “pop-up” stores or events at a moment’s notice in the middle of an opportunity to get interest, attention, and sales. Apple did it with a pop-up store in Austin to sell the new iPad to 20,000 technologists near the South-by-Southwest music festival.

Nurture dedicated customer advocates and fans. Consider advocates to be a step up from customer engagement. Advocates talk about you and become influencers to the many who are undecided. These dedicated fans and partners believe so much in your brand, your cause, and your product, that they do all the force multiplying work for free.

Improve situation awareness for real-time decisions. This means that your network has connectivity to the right people and groups to hear the right information at the right time and place to make speedy and informed decisions. It’s a force multiplier by allowing your business to react and jump into something important before everyone else does.

Do predictive hot-spotting to anticipate near-term changes. Effective prediction of the future is the ultimate force multiplier. It’s already in use by law enforcement to predict security hotspots, health-care to predict needs, but most businesses are far behind in the use of analytics and big data. It’s time to exploit your network for trends and direction.

If you want to grow your startup, and you are only reaching one customer at a time, one market or one partnership at a time, you’re not going to grow fast enough to be competitive, especially against the larger players that have a full infrastructure in the marketplace. These force multipliers allow you to scale up rapidly, and reach opportunities you could not support any other way.

But force multipliers used without focus are not enough to make a company great. Top entrepreneurs still have to decide what activities and tools are the most important for their domain and their environment. We all have limited resources and time, and need the right force multipliers to leverage every single element of both.

Of course, the concept of force multiplication goes far beyond your startup networks. Simple force multipliers, like product cost reductions and powerful new software tools, have been around for a long time. Every team member needs to constantly seek forces that can multiply their impact and productivity. What new force multipliers are you using in your startup today?

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Museveni dumps IGG appoints parallel anti-corruption team

IGG-Irene-Mulyagonja

President Museveni has faulted the inspector general of government over surging corruption in government offices saying they have retarded the development and diversification of Ugandan economy.

Museveni instead announced that he had a new team of three persons that would handle corruption.

Museveni remarked that corruption interferes with the patriotic attitudes of freedom fighters, and called upon the general public to report all corruption cases to an instituted a team led by former Secretary General of Uganda National Teachers Union (UNATU)James Tweheyo, Ms. Martha Asiimwe and sister Akiror for proper manning down of corruption.

“The purpose of the IGG’s Office was to protect the public from corrupt officials, What happened to the IGG? Why don’t the victims of corruption report those incidents to the office of the IGG?” Museveni wondered.

He further continued “That was the purpose of that office; to protect the public from corrupt officials; to protect the investors against corrupt officials. The IGG should reflect on this. Are her staff credible? Why does the public not trust that institution? We need answers”.

He revealed that In order to speed up in monitoring economic production and service delivery, government will offer bicycles to parish chiefs saying it is quite and health for him to peddle around to monitor and inspect.

“The only element of security is the acquaissance of the public by not reporting these criminals, otherwise there is no crime that we cannot handle report corruption a cross to the instituted unit,” he said.

Museveni’s frustration against IGG come at the time when there is public outcry over corruption. The IGG and Financial Intelligence Authority are currently being accused by a youth group Youth Crusaders of failure by the two institutions to investigate former Executive Director in charge of Supervision over corruption and money laundering . Despite whistle blowers reporting Bagyenda three months ago, both institutions haven’t produced any report on her.
Senior officials who have been tried over corruption: former ministers, Herbert Kabafunzaki, Eng Abraham Byandala. Others are former National Social Security Fund boss, David Chandi Jamwa, the former Permanent Secretary of the Ministry of Public Service Jimmy Lwamafa, former Principal Accountants, Godfrey Kazinda and Christopher Obey among others.

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What Museveni said at SONA

President Museveni inspecting a guard of honour upon arriving at Kampala Serena Conference Centre for 2018 State of the Nation Address.

State of the Nation Address
Uganda International Conference Centre,
Serena, Kampala

6th June, 2018

His Excellency the Vice President,
Rt. Hon. Speaker of Parliament,
His Lordship the Chief Justice,
Rt. Hon. Deputy Speaker,
His Lordship the Deputy Chief Justice,
Rt. Hon. Prime Minister,
Rt. Hon. Deputy Prime Ministers,
Rt. Hon. Leader of the Opposition,
Their Highnesses the Traditional Leaders,
Hon. Ministers,
Hon. Members of Parliament,
Hon. Members of EALA,
Members of the Diplomatic Corps,
Distinguished Guests,
Ladies and Gentlemen.

Madam Speaker, in fulfillment of the Constitutional requirement under article 101 (1) of the Constitution of the Republic of Uganda, I am here to deliver the State of the Nation Address, 2018.

Greetings to all Ugandans and congratulations on reaching the mid-year of 2018. In the Book of Galatians, Chapter 6, Verse 7, it says:“Be not deceived. God cannot be mocked. A man reaps what he sows”

By financial year 2005/2006, our tax revenue collections per annum, were standing at Shs2.23 trillion. At that time, an understanding had been reached between some branches of the government and the development partners to the effect that the government of Uganda should concentrate on handling the recurrent budget (salaries, etc.), while the development partners would handle the development budget (roads, electricity, the railways, etc). That arrangement was already landing us in problems. Towards the end of 2005 and as we were heading towards the elections of 2006, the country was plunged into the crisis of what came to be called “Load-shedding” ─ the acute shortage of electricity.

Since 1986, only the British had helped us with the repair and upgrade of the Owen Falls dam from the miserable 60mgws to 180mgws. Since the economy had grown 6.6 times since the low level of 1986, those 180 mgws was no longer enough. Yet, as our Baganda people say, “Omugo oguli ku murirano, tegugoba engo” ─ (the stick in your neighbour’s house cannot help you to fight off a leopard). It is too far to help you. That is when I sat down with my NRM colleagues in the Cabinet and the Caucus, in a retreat in Statistics House, to discuss this very serious problem.
I proposed to the two fora the step of taking on the development budget of the country and also focusing on the roads and electricity. The budget for the roads was raised from Shs398 billion to Shs3, 442 billion. It now stands at Shs4, 786 billion per annum. The budget for electricity was raised from Shs178 billion to Shs2, 858 billion. It now stands at Shs2.77 trillion per annum.

As a consequence, we now have tarmac roads to almost all the corners of Uganda: Nimule; Oraba; Musingo; Vurra; Lwakhakha soon; Malaba; Busia; Busuunga, beyond Bundibugyo; Mpondwe; Mutukula; Muroongo on the Kagyera river; Mirama hill; Katuna; Cyanika and Bunagana. Radiating from Kampala, tarmac roads are now connecting all those points. The distance between Cyanika and Oraba is 1,048 Kms (655miles), all of it connected by a tarmac road, from Kisoro district to Koboko.

With electricity, all the district headquarters, except for Kaabong and Buvuma, have now been reached by the electricity wires. The generation capacity of Uganda will soon be 2,216 megawatts, once Isimba, Karuma and many of the mini-hydros are completed.
Much of this work has been done by the Uganda Government money. 58 per cent of the roads, for instance, have been done or are being done by the Government of Uganda money. We are, of course, also grateful to the development partners for their contributions. Some of the roads have been done with their support.

“Otamanya ishekooko, ati eriibwa n’ebyooya” (the uninformed, thinks that people eat the Turkey with its feathers). Many people do not know how the economy grows, although many pass themselves out as “experts”. These investments in the roads and electricity, along with the earlier decision (2001) of strengthening the Army, are beginning to result in the resumption of our usual high growth rates which had been interfered with by the shortage of electricity and, more recently, the drought. This year, for instance, the economy will grow by 5.8 per cent per annum. This will rise to over 7 per cent per annum by the financial year 2019/2010.
Indeed, a Centre at Harvard, in the USA, recently predicted that Uganda will be one of the fastest growing economies in the world by 2026 or thereabout. I was not surprised by that prediction. What surprised me was that Uganda would be the first or the second fastest growing economy in the whole world.
The fact that our economy would grow fast, however, was not surprising for me given the deliberate steps we have taken to lay the foundation.

When we say that the economy is growing reasonably well, we mean that the four sectors are growing well. Indeed, industry grew at 6.2 per cent per annum, services at 7.3 per cent, ICT at 7.9 per cent and agriculture at 3.2 per cent. As you can see, it is only agriculture that is still growing slowly. Fortunately, we have or will soon have the necessary boosters for agriculture. These will be the use of fertilizers by more Ugandan farmers than at present and the farmers will use more irrigation. In the coming financial year, the government will work on the following irrigation schemes using the government budget:

(i) Doho phase II in Butalejja district;
(ii) Mubuku phase II in Kasese district;
(iii) Wadelai in Nebbi district;
(iv) Tochi in Oyam district;
(v) Ngenge in Oyam district;
(vi) Atari (Bulambuli and Kween);
(vii) Katete in Kanungu district;
(viii) Kawumu in Luwero district;
(ix) Amagoro (Tororo district);
(x) Nabigaga (Kamuli district);
(xi) Rwimi (Kasese and Kabarole district);
(xii) Nyimur (Lamwo);
(xiii) Musamya (Kayunga);
(xiv) Kibimba (Gomba);
(xv) Kabuyanda (Isingiro);
(xvi) Matanda (Isingiro); and
(xvii) Igogero-Naigombwa (Iganga and Bugiri).

In order to roll-out a global irrigation system for the whole country, we are encouraging industrialists to set up assembly or manufacturing plants for solar-powered water pumps. Some of these pumps and water conveyance systems will be used in government funded irrigation schemes. Others, however, will be used by the farmers at their own cost. I encourage all the capable farmers to, at their own cost, go into irrigation.

With the building of our phosphate fertilizer plant in Tororo, Uganda, which at 2.5kgs per hectare has one of the lowest rates of fertilizer use, will now stir itself up to use more fertilizers. We are looking for an additional investor to blend the phosphates with nitrogen and potassium in order to formulate NPK (Nitrogen, phosphates and potassium).
With the use of NPK, production will go up by 30 per cent. With higher rates of agricultural growth, the overall rate of growth will go up. Within the industrial rate of growth, I would like to single-out the sector of construction. This grew by 12.5 per cent annually. This is not surprising given the respective efforts of the government and the private sector in the areas of road and houses construction.

All this is happening before we implement our invigorated effort to ensure import substitution. You remember last year, I told you how rich Ugandans and other Africans are, already. In the case of Uganda, we spend about US $7 billion a year in terms of imports.

Importing what? Importing the shoes, clothes, carpets, textiles, furniture units, pharmaceuticals, electronic equipments, perfumes, soaps, wines, cars, pikipikis (motorcycles), etc., etc. Since some time ago, we have told our people that they can manufacture or process most of these here. That is how we have started the process of supporting the youth and the women groups that are already engaged in those activities or are about to be engaged in those activities.
This will save our foreign exchange, create more money for us, but also create jobs for our youth. Hence, many of our unemployed youth can be transformed into property owners, job creators and also employ themselves.

Since we talked about this in last year’s State of the Nation Address, 4,525 girls have already been assisted to engage in: knitting, shoe-making, weaving, tailoring, bakery and embroidery, while six groups have been assisted in furniture-making and 10 in welding. As of now, these groups may be making items for import-substitution. In time, however, they will make items for exports.

While this effort is aimed at recruiting many of our youth from agriculture or from the urban informal sector (jua kali) into small scale industry activities, the bigger foreign and local investors have already helped us to attract and locate in Uganda 44,316 factories and 8,200 service companies. These employ 600,000 and 1.2 million people, respectively. Indeed, as you drive on Gulu road, as I did recently, or along Jinja road, you will see quite a number of new factories that have been built recently.
In the coming days, the Minister of Finance will announce the financial support we intend to give to the groups that wish to join the manufacturing in the form of the enhanced micro-finance efforts and the Innovation in addition to the Women Fund, the Youth Fund and Operation Wealth Creation Fund. With enough electricity, the improved roads and security, we are surer of success than we have ever been. Through enhanced micro-finance, we are going to solve one of the bottlenecks ─ absence of low-interest money for manufacturing.
The privatization of Commercial Banks failed to solve the problem of high interest-rates. We are going to solve it using the route of the enhanced micro-finance and the r boute of the more capitalized Uganda Development Bank (UDB). These institutions should be able to give loans to manufacturers, processors and commercial agriculture at interest rates of 12 per cent or thereabout per annum.

One of the stimuli for faster economic growth is the low cost of doing business in the economy. With the refinancing of Bujagali and a better deal for managing the transmission of electricity, we shall achieve the low cost of electricity per unit, added to the low cost of money mentioned above. That leaves the low cost of transport as our next target.

Although we have done so much on the roads, by the end of this financial year, (we shall have a total length of 6,027 kms that are tarmacked), the roads are only good for passengers. They travel comfortably and fast; sometimes, too fast for their own safety as we have seen with so many fatal accidents, recently. Nevertheless, cost for road transport remains high if you compare it with rail and water transport. God gave us the possibility of water transport with so many Lakes (Nalubaale, Mwitanzigye, Masyooro, Butuumbi-Rutshuru, and Kyoga) and Kiira (the River Nile). These are the Ugandan names for Lakes: Victoria, Albert, George and Edward. This potential is always there and, as we get investors, the potential will turn into capacity. That leaves the issue of the railway. We are going to build the Standard Gauge Railway. We are only continuing to refine the issues of cost and quality with the partners we are talking with.

Before I leave the subject of the economy, I cannot forget to talk about the commercialization of Agriculture, especially for the 68 per cent homesteads that are still in subsistence and that are a big source of our poverty. 68 per cent are not active in the economy and they are just by-standers. This has been one of the battles I have been fighting since 1966, for the last 52 years. I do not accept to live with neighbours that are stuck in poverty. I patiently educate them until they are able to join the gospel of wealth creation through production. I started the battle in the cattle corridor in 1966 ─ end of year.

With my late colleague, Mwesigwa – Black, we sensitized the nomadic Banyankore as to the need to become sedentary and, later, join the dairy industry. This effort, by 1995, in spite of the 20 years interruption on account of the political chaos in the country, had succeeded beyond our wildest imagination. In Kiruhura district alone, there are 6,000 dairy farmers, producing 800,000 litres of milk per day today. The total production of milk in Uganda went from 200 million litres to 2.5billion litres per annum, thereby liberating Uganda from depending on imported powdered milk and, actually, becoming an exporter of milk and milk products to the tune of US $130 million per annum.

Recently, on account of the laxity by the veterinary staff and also the carelessness of the farmers themselves, we have had the problem of tick resistance to acaricides. We shall, however, use science to defeat this problem. Our scientists are working on it.

Having confirmed that villagers can be enlightened into becoming commercial farmers in the dairy sector, during the whole of 1995, I travelled throughout the country and preached the gospel of wealth-creation. Unfortunately, many leaders are never bothered with substance of leadership. They spend a lot of time on Public Relations (PR) and no time on substance. The PR is attending church services, weddings, burials, etc. In the end, however, real mobilization is helping the people to solve the problem of wealth creation, jobs, health, and education for their children by directing them to wealth creation so that they can support the education of their children themselves, the infrastructure of roads and security.
Having shared my pilot project with the rest of the country, I was hopeful that my colleagues would take advantage of my experience. Some did. Recently, I invited the Inter-religious Council to visit some areas that have woken up: Ibaanda, Kiruhuura, Kalungu and Masaka. They were able to see for themselves that poverty in the rural areas can be defeated. The Ibaanda, Kalungu and Masaka areas had relied on coffee to defeat poverty. Kiruhuura had relied on dairy. There are other areas like Bundibugyo that are, unfortunately, being disturbed by the artificial issue of identity (Bakonjo vs Baamba – Babwisi). Otherwise, through cocoa, palm oil, coffee, vanilla and up-land rice, that area was becoming very prosperous.

As I was waiting for my colleagues to absorb the message of transformation, since I am always allergic to poverty among my neighbours, I launched directly managed programmes in the Kisozi area and Kawumu in Luwero. The President’s office is also running a number of Model Parishes. In Kisozi, I have 1700 homesteads in nine villages. As I speak, 1400 of the homesteads have joined the effort of commercial farming through coffee, bananas, beans, maize and zero-grazing of cattle. See annex I attached about the details. I, however, notice that the coffee yield and returns per acre are still low. I do not know why.

In the Masaka area, the yield per acre per annum is 2,700Kgs that bring in Shs18.9 million per annum. In the Kawumu area, the Mawale Parish has got 1,188 homesteads. Operation Wealth Creation (OWC) has handled 341 homesteads and State House has handled 292 homesteads. Information on Mawale and Nsanvu parishes is attached in annexes II. The leaders should be informed that this is the correct way of seeking durable popularity and not confining yourselves to Public Relation (PR) and spontaneity. The latter, in the end, will evaporate. The leaders and the CAOs must plan per parish to involve, in phases, eventually, all the homesteads.

One of the problems I have been informing the leaders about, including the community leaders, is the issue of land fragmentation through indisciplined inheritance practices. This will cause a big problem for the country if we do not copy what the Europeans did in order to guard against this phenomenon. The use of shares (emigabo) for inheritance is better than the physical fragmentation of land and property. Fortunately, science is developing so fast that we may, in future, not need soil to produce crops. In fact, somebody told me that soil was an inconvenience because it harbours crop diseases. That what is crucial is water, which we should do everything possible to protect. They call this hydroponics agriculture ─ crops without soil, but with fresh water. The political leaders, the cultural leaders, the religious leaders need to know that there are strategic issues we need to grasp clearly for the survival and prosperity of our people. Riding on an uninformed population is criminal.

As our industrialization is progressing, our Scientists are also making their own contribution. That is why we put in place the Innovation Fund. Quite a number of our Scientists have patents for industrial formulae. These include: Dr. Muranga, Dr. Kyamuhangire, Musasizi, the late Dr. Isharaza, Dr. Mukwaya, Dr. Kaahwa, etc., etc. One of the products being developed is the Kiira electric car. Our industrial sector, therefore, will not only depend on processing agricultural and minerals products. It will also benefit from the intellectual labour of our Scientists, out of their designs and fabrications, like the electric cars.

One of our Scientists Dr. Phillippa Ngaju Makobore, has developed an Electronically Controlled Gravity Feed Infusion Set (ECGF), a medical device designed to accurately administer intravenous (IV) fluids and drugs by controlling the rate of fluid flow based on feedback from a drop sensor. I congratulate all of them.

In order to invigorate our services sector, the Government will revive the Uganda Airlines. We have already booked slots for the manufacture of medium and long – distance planes. These will be able to handle the regional and inter-national routes. Ugandans have an itch in their feet. They like to travel, to Dubai, to China, etc. Besides, we have a large diaspora that run away during the bad times; they are too comfortable where they are and never bother to come back, permanently.

Nevertheless, they regularly travel back to see their families. Besides, we have the tourists and also the investment and business delegations. All these need convenient mode of travel from London, from Dubai or from a point in China. This is not to talk of regional destination – Nairobi, Dar es Salaam, Kigali, Bujumbura, Arusha, Juba, Khartoum, Kinshasa, Addis-Ababa, Cairo, Johannesburg, etc. Every year, Ugandans spend US $430million (Shs1.6 trillion) on air-travel. This is quite a heamorrhage that must stop, just as we are going to stop the haermorrhage occasioned by the phenomenon of medical tourism. This is going to India for medical treatment. This takes another US $1.3 million per year.

I hear so many people talk about the attainment of the middle-income status by Uganda. The main problem here is, actually, the problem of Uganda importing too much and exporting little. The GDP per capita today is US $776. To become a middle income country, you need, at least, US $1,006 per capita. This money is calculated in Dollars. Too much importing and too little exporting undermines the progress to a middle-income status. Therefore, Ugandans, please, buy Ugandan; travel Ugandan; health-wise, be treated in Uganda. The government will facilitate its part as outlines in this speech.

All I have said above is about the economy that is being developed to create wealth and jobs for the Ugandans as well as widening the tax base for the State of Uganda. At the same time, this bigger economy provides more goods and services for Uganda’s domestic consumption and for exports.

Your NRM, always looking ahead, has already negotiated and arranged with our brother and sister Africans to ensure the market integration of Africa (EAC, COMESA, CFTA), so as to provide capacity for the absorption of the greater supply of goods and services produced by the Ugandans awakened to realize their potential as we also buy from our brothers and sisters in Africa, as we all take advantage of the huge collective market of Africa. Besides the huge continental market we are creating with our African brothers, the NRM always never missing in action when it comes to African issues, we have also negotiated for third party market access to the USA, EU, Chinese, Japanese and Indian markets, in varying degrees. Hence, ladies and gentlemen, the NRM has addressed or is addressing all the factors that are necessary to open the gates to the Ugandans engaged in wealth and jobs creation. Let everybody, then, play his or her own part.

On the side of stability, Uganda had a lot of challenges even after the NRM took power. Eventually, by 2007, the UPDF totally defeated Kony, ADF, the other rebel groups and disarmed the Karimojong. Therefore, rural-based terrorism and banditry was totally defeated and we built military and intelligence capacity to ensure that Uganda will never be threatened by terrorists operating from the rural areas. The terrorists of ADF are still in Congo, preserved there by the UN and the Congo government. If, however, they were to re-enter Uganda, they would be promptly and decisively defeated.

Some of the terrorists of ADF as well as other criminal elements, seeing that they could not survive in the rural areas, infiltrated into the towns where we had not fully focused in terms of developing intelligence capacity. As a consequence, we had 7 Sheiks assassinated as well as Major Kiggundu, Joan Kagezi, AIGP Kaweesi and Susan Magara, of recent. These killings seem to have been linked with ADF. Other killings, like the women killed in the Entebbe – Wakiso areas, as well as the killings in the Masaka area on New Year’s Eve, were by local criminals using pangas.
With this new challenge, we put in place mechanism to build the intelligence gathering capacity in the towns and on the highways. We are about to round-off the building of that capacity.

Urban terrorism and crime will be defeated just as we defeated the rural terrorists. In the meantime, most of the killers of the women in the Entebbe – Wakiso areas as well as the killings in the Masaka area, have been arrested. One of the killers, Kiddawalime, was killed by the wanaichi and our Police Force. In particular, I want to commend Cadet ASP Twinomugisha Steven, a Police Officer that wrestled down the criminal and disabled him. With immediate effect, I promote him to the next rank. I also salute our grand-daughter, Nakyambadde, who, using the mobile telephone, summoned for help when the obnoxious Kiddawalime was about to start robbing her and was about to rape her.

With the permission of the Rt. Hon. Speaker, I will decorate them with the Jubilee medal, later. On the kidnappers and killers of Susan Magara, two were killed at Usaafi Mosque as they were trying to fight the Police and eight were arrested. Regarding the killings of Joan Kagezi, Moslem Sheikhs, AIGP Kaweesi and Major Kiggundu, 90 persons have been arrested and are now facing trial and those not yet arrested are still being hunted.
The ADF criminals in Congo will answer for the killings of our people even when they are hiding in Congo. Their only safety is for them to voluntarily surrender and seek for amnesty. I salute our brothers, the Tanzanians, for arresting and handing over to us Jamil Mukulu. He is now facing the Courts of Law.

The other issue that needs attention is the environment, especially the restoration of the wetlands, preserving the national forests, planting the new commercial forests, not cultivating along the River banks, not allowing cultivation within the 200 metres of the Lake shore and stopping soil erosion by using contours when cultivating in the mountain areas or on the hillsides. Cultivation or building in the wetlands (ebisharara, enfuujo-bisaaru, ntobazi-bitoogo) should stop.

We can economically use the wetlands better when we preserve them and only use the edges for fish ponds. The four fish-ponds, in half an acre of the Presidential farm at Kawumu in Luwero, bring in Shs64 million per year, according to Madam Nakyobe. This is the right way to use the wetlands so that the centre of the swamp regenerates, preserves water for us because we need it for irrigating the farms. Besides, the swamp grass known as ebigugu (Cyperus latiforia) is very good for mulching the gardens and banana plantations.

You cut and the grass grows again. God had arranged everything for Uganda ─ water, ebigugu, ebifuunjo for paper making (known as papyrus), fish in the wetlands, mud-fish (eshoonzi), etc. We can now use the edges (emiiga) for fish farming, get much more money and preserve our wetlands with all our other benefits. Moreover, the swamp vegetation also filters the water so that, by the time it goes into the Lakes and Rivers, it is free of silt. This preserves the Lakes and Rivers from silting and also preserves the quality of the water. When it comes to purifying water for consumption, it costs us less.

There is no part of Uganda where there is no branch of the government. There is a government at the district (elected and appointed), there is a government at the sub-county and there is a government at the parish (the Muruka chief). There is no good reason, therefore, why the President and the Central government should be harassed for this whole hierarchy of the structures not doing their job.

Therefore, I am going to write a directive in the form of a circular letter to all these galaxy of officials to ensure that all the services in their area are delivered properly. They should ensure that there are no ghosts in the Local Government Secondary and Primary Schools; that teachers teach; that there are drugs in the health centres; that the farmers follow the required agricultural practices; that the wetlands are not invaded; that the Lake shores are not cultivated; etc. The Chief Administrative Officer (CAO) in the district is the Permanent Secretary of the Government in the district. All his workers, the Gombolola chiefs and the Miruka chiefs, should not allow anything to go wrong in the areas of their responsibility. I will create an Inspection Unit in my office ─ State House. If they go to an area and there is anything wrong, that official and the CAO will be held responsible.

I cannot fail to talk about mercenarism of the public officials and corruption of some of them. The mercenarism interferes with the patriotic attitude of the freedom fighters. People expect money for every little task. We could not have liberated this country if we did not have a high degree of altruism. This attitude of altruism must come back. As for the corrupt officials, I would like to inform the public that their only element of security is the acquaissance of the public by not reporting these criminals. Otherwise, there is no criminal, we cannot handle. Report any corruption you come across to this unit. It will comprise of Mr. James Tweheyo, Ms. Martha Asiimwe and Sister Akiror. They will give out their telephone numbers. What happened to the IGG? Why don’t the victims of corruption report those incidents to the office of the IGG? That was the purpose of that office; to protect the public from corrupt officials; to protect the investors against corrupt officials. The IGG should reflect on this. Are her staff credible? Why does the public not trust that institution? We need answers.

In order to help the Muruka chief monitor economic production activities and service delivery in his area, the government should give each one of them a bicycle. It is quiet and healthy for the chief to peddle around and inspect. The motor-cycles of the Gombolola chiefs should be replaced. The old ones, given out in the financial year 2007/2008, are too old by now.

In the area of Sports, Uganda is beginning to come up, again. The best sports performance by Ugandans was that of Akii Bua in the 400 metres hurdles of 1972 in the Munich Olympics.
Since the 1950s, I had been following the sports events and the achievements of our people. Etolu in Vancouver in 1954 in the high jump, Tom Kawere in boxing in Cardiff in 1959, Grace Seruwagi in boxing in 1960, etc., etc. Therefore, the recent star performances of the young sportsmen like Kiprotich, gold in the London Olympics of 2012, Kipsiro, gold in 2014 in Glasgow, Cheptegei in the recent Commonwealth games, etc., revive and re-inforce the good performance of the fore-runners of sports in modern Uganda. Yet, we have not yet put systematic efforts into sports beyond the peace brought to the country, the immunization of the young people, the UPE and USE as well as the absorption of the youth with talent into the disciplined forces of Uganda (Prisons, Police, UPDf, etc).
Let the Ministry of Health sensitize our people more on nutrition in early childhood and, when funds are available, more systematic annual schools and districts competitions to be able to identify talent early enough. The potential in Uganda is huge.

In the budget, the Minister of Finance will give more details about the plans for the economy. I wish to end this address by thanking Parliament for handling the following legislations during the last session:

BILLS ENACTED
1. The Bio-fuels Bill 2017;
2. The Constitution (Amendment) NO 2 Bill; 2017
3. The Supplementary Appropriation Bill 2017;
4. The Supplementary Appropriation No 2 Bill 2018;
5. The Appropriation Bill 2018;
6. The Stamp Duty (Amendment) Bill 2018;
7. The Excise Duty ( Amendment) Bill 2018;
8. The Income Tax ( Amendment) Bill 2018;
9. The Value Added Tax (Amendment) Bill 2018;
10. The Tax Procedures Code (Amendment) Bill 2018;
11. The Tax Appeals Tribunal (Amendment) Bill 2018;
12. The Traffic and Road Safety (Amendment) Bill 2018;
13. The Lotteries and Gaming (Amendment) Bill 2018.

In the coming session, the government will present the following Bills:

PROPOSED LEGISLATIVE PROGRAMME FOR FINANCIAL YEAR 2018/2019
S/NO MINISTRY
Ministry of Foreign Affairs
1 The Uganda Institute for Diplomacy and International Affairs (UIDIA), Bill.
2 Foreign service Bill
Ministry of Public Service
3 Public Service Pension Fund Bill,
4 Human Resource Management Professionals Bill
Ministry of Finance, Planning & Economic
Development
5 Income Tax (Amendment) Bill, 2019
6 VAT (Amendment) Bill, 2019
7 Excise Tariff (Amendment) Bill, 2019
8 Stamps Duty (Amendment) Bill, 2019
9 Finance Bill, 2019
10 Tax Procedures Code (Amendment) Bill, 2019
11 Supplementary Appropriation Bill, 2019
12 Appropriation Bill, 2019
14 Annual Budget Estimates for FY2019/20 – Motion
15 Corrigenda for FY2019/20 – Motion
16 Budget Speech FY2019/20 – Motion
17 National Budget Framework Paper FY2019/20 – Motion
18 Semi Annual Budget Performance Report FY2018/19 – Motion
19 National payment systems.
20 BOU Amendment Bill
21 PPDA
22 Foreign Exchange Amendment Bill.
23 Anti-Money Laundering (Amendment) Bill.
Ministry of Lands, Housing and Urban Development
24 Uganda Land Commission Bill
25 Land Lord –Tenant Bill
Ministry of Trade, Industry and Cooperatives
26 The National Accreditation Bill
27 The Legal Metrology Bill
28 The Industrial and Science Metrology Bill
29 The Consumer Protection Bill
30 The Competition Bill
Ministry of Works and Transport
31 The Engineers Registration Act (Amendment) Bill
32 The Roads Bill
Ministry of Education, Science, Technology and Sports
33 National Curriculum Development Centre (NCDC) (Amendment) Bill.
34 Physical Activity and Sports (PAS) Bill.
35 Uganda National Examination Board Act (UNEB) Amendment Bill.
36 The Nakivubo War Memorial Stadium (Amendment) Bill.
36 The Universities and Other Tertiary Institutions (UOTI) Act (Amendment) Bill
Ministry of Health
37 National Food and Drug Authority Bill
38 Public Health Act
39 Organ and Tissue Transplant Bill
40 Pharmacy Bill
Ministry of Defence and Veteran Affairs
41 The Uganda Peoples Defence Forces and Veterans Bill, 2017

In conclusion, I want to remind the listeners that Uganda is un-stoppable given what we have done in the field of: Army building; building the other security forces; in education; in health; the ICT backbone; the roads; electricity; in agricultural research for improved seeds, disease control and improved agro-practices; what we are planning to do to deal with the cost of money for borrowing; and the work already done on the issue of the continental market integration and access to third Party markets.
What remains to be done is build the Standard Gauge Railway with the branches to Kasese, Kakitumba and South Sudan. I did not talk about the oil and gas because all the work is already done. It is just implementation that is remaining. The oil revenues will, obviously help us to fund our infrastructure and innovation programmes. The future is bright. Let us tighten discipline.

Madam Speaker, It is my pleasure to declare the 3rd Session of the 10th Parliament open.

I thank you very much and hope that the coming Session will be fruitful.

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Museveni accuses Congo and UN of hiding and protecting ADF criminals

Kampala: President Yoweri Museveni has said the United Nations (UN) and the government of the Democratic Republic of Congo (DRC) are protecting the Allied Democratic forces (ADF) terrorists.

“But we shall get a solution to that,” he assured Ugandans.

During the State of the Nation Address Museveni said whereas the rebels thrive under the protection of the Kinshasa government and the UN, they will be killed when they try to cross over into Uganda.

“They will be quenched as Uganda People’s Defence Forces (UPDF) did to Kony, disarmament of people in Karamoja region and other rebel groups. They will not go back in the walking position.

“The killing of sheikhs were linked to the ADF rebels, they will answer for the killing of our people even if they are hiding in the Congo, Congo government is keeping them,” he said.

Museveni applauded Tanzanian government for handing over former leader of ADF Jamil Mukulu who now on trial in criminal court over murder, treason, aggravated robbery.

He revealed that 98 people have been arrested in connection with the murder of former assistant inspector of general of police (AIGP) Felix Kaweesi, senior state prosecutor Joan Kagezi, Susan Magara and the Muslim Sheikhs who were gunned down by assailants.

The Slain Muslim sheikhs include: Sheikh Abdul Karim Sentamu, Abubaker Kiweewa, Abdul Kadir Muwaya, Sheikh Mustafa Bahiga, Sheikh Abdul Rashid Wafula, and Sheikh Ibrahim Hassan Kirya.

During the address, the ordered for the promotion of Cadet Assistant Superintendent of Police (ASP) Twinomugisha Steven of Uganda Police Office to the next rank over his effort in wrestling down and outing out of action a Panga wielding criminals in Masaka.

Twinomugisha traced greater Masaka murder suspects Musa Galiwango and Muhamad Kiddawalime recently escaped from a dock during their trial in Masaka high.

He noted that Uganda is secure and no one can disrupt peace in the presence of police and other security agencies.

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Museveni implores investors to assemble, manufacture solar water pumps

State of the national address: President Museveni has implored both national and international investors to assemble or manufacture solar water pumps in Uganda for thriving of irrigation farming.

Speaking at Kampala Serena Conference this evening Museveni said, Ugandans don’t know how to develop their country, they import everything starting form carpets, agricultural equipment to shoes adding that this is how thy donate money to others.

“We need investors who will assemble or manufacture solar water pumps to avail jobs to Ugandans as we boost both agricultural and industrial sector as the economy grows,” he said in the State of the Nation Address.

Adding “The issue that is stopping Uganda from attaining middle income status is because of importing more and exporting little. Dear Ugandans please buy Uganda, build Uganda and stop spending money on medical tourism, be treated in Uganda,” he noted.

According to Museveni, Ugandan farmers are not using fertilizers due to high costs; he however, revealed that there is a fertilizer plant that is being constructed in Tororo, Sukuru area with over 230 metric tons of phosphate that will be turned into fertilizers to cut costs.

“It’s time to put back replenishments in the soil, we are looking for additional investor to formulate NPK fertilizer, for agriculture production to go up by 30 per cent,” he added.

Museveni noted that in the next financial year of 2018/19, government will invest in irrigation farming starting from Kibimba, Doho, Naigomwa, and Nabigaga among other swamps for thriving of rice growing in Uganda.

“What can hinder Uganda’s agricultural sector when we have opened all roads leading to market centers, we have power for processing of agricultural produce and in various districts except Kabongo and Buvuma,”

“I don’t accept to live with neighbours that are stuck in poverty, you might think that you’re politicians and you are clever but God will ask you, ‘‘Why did you live with those poor neighbours?” That’s why for me I started operation wealth creation to elevate Ugandans from poverty,”

He called upon legislators to take him as an example and establish demonstrational farms to teach their electorates just as he does on his (Museveni) farm that is situated at Kiwuumu in Luwero district.

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Mr. President, Save FIA’s image by sacking Asubo and Kibirango

Kagenyi Lukka.

Salutations Mr. President. I hope this message finds in good health.

I’m writing to you this letter on the backdrop of incendiary and disturbing reports that one of the authorities that was established to monitor, investigate, and prevent/combat money laundering is dithering on whether to investigate a high profile person on possible money laundering activities.

Your Excellency, the Authority on spot is the Financial Intelligence Authority (FIA) which was established by Parliament under the Anti-Money Laundering Act, 2013 and the person who should be investigated is Justine Bagyenda, the outgoing Executive Director for commercial bank Supervision at the Bank of Uganda.

For your quick recollection, the FIA board is chaired by Mr. Leo Kibirango (a person who you well know) and Justine Bagyenda has been its member since 2014 while its Executive Director is Sydney Asubo, the former director of legal affairs at Inspectorate of Government.

Owing in mind that you are the Minister of Finance though you delegate power and authority to a different person (Minister of Finance), it is highly and timely that you interest yourself in the conduct of the Executive Director and the Chairman of the board regarding this matter.

Mr. President, the lady in question whose leaked accounts indicate that she had accumulated over Shs18 billion in a space if only six years while she served as Executive Director for commercial bank Supervision at BoU, still walks scot-free despite petitions to FIA from a whistleblower.

For instance, her account in Diamond Trust Bank had Shs11.4 billion. She also had a fixed deposit account with US $214,149 and Shs436 million as of December 2017. Her GT bank account had Shs2.4 billion, while her Barclays bank account had Shs98 Million.

Similarly, her mobile money transactions leaked documents showed that Bagyenda’s mobile number (07727*86*9), made transactions amounting to Shs500 million in three years to a one Robert Muhumuza.
On Leo Kibirango.

Kibirango is the chairman of board that essentially, supervises the activities of theFIA, and therefore, Mr. Asubo and the team report to the board. However, reports indicate that the former governor of BoU is either conflicted or incompetent to firmly shoulder such a responsibility which has left FIA’s image to be a shadow of what it ought to be.

Despite having an avalanche of accusations cascading on her shoulders, Mr. Kibirango is yet to request Ms. Bagyenda to step down from the authority’s board so as not to interfere with investigations. And close to three months down road after receiving the petition, the public is yet to receive a single paragraph of how far FIA has gone with the investigation.

Mr. President, how competent and fitting is such a person to chair a sensitive board like one of FIA?
On Sydney Asubo, a man with undoubted experience and knowledge of the law is yet to convince the public that he is the right man for job. This is because, one struggles to identify a case that he has successfully investigated and led to prosecution since 2014.This leaves a long rift of doubt as to whether Asubo can successfully investigate one of his gaffers.

Finally Mr. President, the duo has left undone what they ought to have done and done what they ought not to have done, and as such there is no truth in them. It is high time you relieved them of their duties like you recently did to immigration officials Godfrey Sasaga, the director Immigration and Commissioner, Anthony Namara so as to save the darkening image of FIA.

I remain Kagenyi Lukka, the aspiring MP ikiiki Constituency in Budaka.

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BoU aims to maintain international reserves at 4 months of imports

BoU Governor Emmanuel Tumusiime-Mutebile.

Bank of Uganda aims to maintain foreign exchange reserves at four to four and half months of imports; this was revealed as the International Monetary Fund (IMF) staff concluded their visit to the country recently.

In Uganda, foreign exchange reserves are the foreign assets held or controlled by the country central bank. The reserves are made of gold or a specific currency. They can also be special drawing rights and marketable securities denominated in foreign currencies like treasury bills, government bonds, corporate bonds and equities and foreign currency loans.

The Foreign Exchange Reserves in Uganda increased to US $3600.55 million in March from US $3522.47 million in February of 2018. Foreign Exchange Reserves in Uganda averaged US $1299.11 million from 1986 until 2018, reaching an all-time high of US $3654.45 million in December of 2017 and a record low of US $5.10m in February of 1989.

Meanwhile, IMF team led by Axel Schimmelpfennig commended the Ugandan authorities for the progress in setting economic policy objectives for the financial year 2018/19 and the medium-term. The country is preparing for the budget to be read on June 14, 2018.

It was disclosed that Uganda’s fiscal policy for now seeks to keep public debt at a sustainable level which requires raising tax collection and prioritizing spending needs, while protecting key infrastructure projects and social expenditures. BOU in its monetary policy targets core inflation of 5 percent.

It was also said that government’s structural reforms would focus on revenue mobilization, public financial and investment management, reducing domestic arrears, enhancing financial sector stability and development, and putting in place the remaining elements of the framework for managing future oil revenues.

The IMF mission reached an agreement with the government of Uganda on a possible three-year program under many elements of the Policy Coordination Instrument (PCI), but IMF said further progress in some areas was still needed. The PCI is a non-financing tool open to all members of the IMF.
It enables them to signal commitment to reforms and catalyze financing from other sources. The establishment of the PCI is part of the Fund’s broader effort to strengthen the global financial safety net—a network of insurance and loan instruments that countries can draw on if confronted with a crisis.

Particularly the PCI aims to help countries formulate and implement a macroeconomic policy agenda to: prevent crises and build buffers against external shocks, enhance macroeconomic stability; and address macroeconomic imbalances.

“Once the FY18/19 budget has been approved as agreed, the mission could resume discussions,” according to ISMAILA DIENG, IMF’s press officer.

The mission met President Museveni, Finance Minister- Matia Kasaija, BoU Governor Tumusiime-Mutebile, Permanent Secretary/Secretary to the Treasury, Keith Muhakanizi, Members of Parliament, private sector representatives, and senior government officials.

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Uganda has huge potential for TV industry – Study

A new finding has found that Uganda has a strong potential growth for the broadcasting industry.

According to the just released findings by Satellite Monitor, an annual market research study, out of eight million homes, 49 per cent are equipped with TV reception, while the other 51 per cent don’t have access to TV yet.

Out of the 4 million TV homes, 48% are reached by satellite and the rest are served by terrestrial networks.

Carried out by various independent institutes, the research has been conducted for over 20 years in Europe and has been successfully replicated in various African markets such as Nigeria and Ghana.

This year the survey was expanded with the addition of three African countries: Uganda, Tanzania and Ethiopia. For the survey in Uganda, the first of its kind in the country, 4,000 interviews were conducted.

“The study shows there is an open field for TV growth in Uganda, and our goal is to support the local industry players seizing those growth opportunities.

With the advantage of reach, satellites are the ideal infrastructure for broadcasters to expand their audience in Uganda. As we provide optimal coverage over the region, and have local expertise of the broadcasting landscape, we are well positioned to help them switch more homes to TV,” said Clint Brown, Vice President, Sales and Market Development for Africa at the function held at Serena, Kampala.

SES has increased its reach to 30 million TV homes across Africa. Along with Uganda, Ethiopia and Tanzania were included in the Satellite Monitor for the first year and together account for seven million homes.

SES has seen strong growth in West Africa, with an increase from three million to 11 million homes in Nigeria, and from two million to four million homes in Ghana.

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Bagyenda poised for another appointment, but is she the right person?

Embattled former Executive Director in charge of Supervision at Bank of Uganda Justine Bagyenda.

Reports coming in suggest that the embattled former Director of Supervision at the Bank of Uganda (BOU), Ms Justine Bagyenda is poised to remain as member of the Board of the Finance Intelligence Authority (FIA), her contract having expired. Never mind the investigations lined up against her.

The chairman of FIA Leo Kibirango has sent Ms Bagyenda’s name to minister of finance, Matia Kasaija, recommending her and others despite being Begyenda under investigations.

If that is true, there is no Kibirango is promoting financial corruption in this country. Parliament, according to watchers interested in that matter, should immediately throw out Kibirango’s recommendation until the lady is cleared of any wrongdoing.

It should be remembered that Ms Bagyenda was sacked in February this year by Bank of Uganda Governor Prof. Emmanuel Tumusiime-Mutebile even as she was officially to retire this June, having clocked 60 years, the age at which Ugandan civil servants are supposed to retire.

Eagle Online has also learnt that Bagyenda is trying to use some individuals in Special Forces Command to link her to Criminal Investigations Department so that investigations involving her aren’t carried by the CID.

In the sweeping changes that he made at BOU, Mutebile replaced Bagyenda with Dr Tumubweine Twinemanzi, but he has never given reasons as to why he kicked out the lady that is currently troubled over alleged accumulation of wealth through illegal means.

As Ms Bagyenda awaits parliament’s approval to sit on the FIA Board for the second term, the appointing authority, should remember that parliament wants her to be investigated under the Anti-Money Laundering Act, 2013.

“These are people who have been stealing money indirectly. When Bank of Uganda goes under, it comes to Parliament and we give it money. Instead of making sure that banks operate ethically, Bagyenda has been colluding to ensure that banks operate unethically and the taxpayer ends up losing,” MP Nathan Nandala Mafabi (Budadiri West) said months ago.

The Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) directed the Auditor General, Mr John Muwanga to conduct investigation at BOU, following a petition by some BoU employees probe top managers there. Ms Bagyenda was one of them, supervising commercial banks’ activities.

The ongoing inquiry by Mr Muwanga and his team is supposed to look into the circumstances surrounding the closure of National Bank of Commerce (NBC) and Crane Bank (CB) and others and why former shareholders of the banking institutions were not furnished with reports detailing the plight of their money. The taxpayers’ Shs200b that was used to capitalize Crane Bank before its sale is said to have been spent based on Ms Bagyenda’s recommendation.
Much as Bagyenda has left BOU, she cannot escape the probe especially as the leaked documents showed she transacted about Shs20 billion on her bank accounts. The affected banks-Diamond Trust Bank and Barclays Bank had to apologise to Bagyenda for the leakage of her account details.
That aside, the Inspector General of Government, Irene Mulyagonja Ms Bagyenda on tracker to see if she has violated the Leadership Code that requires politicians and senior government officials to declare their wealth.

This is meant to safeguard public resources from corrupt officials. It is said Bagyenda has appeared before the IGG to explain how she acquired the wealth that has raised eyebrows in the public. On the other hand, the Uganda Revenue Authority (URA) is demanding that she pays the income taxes she allegedly evaded. There are documents to this effect.

Following a recent letter that a Kampala youth group wrote to the Prime Minister Ruhakana Rugunda, demanding that government explains why the FIA has not published any report concerning money laundering allegations placed against Ms Justine Bagyenda, the Authority’s executive director Mr Sydney Asubo, last week came out, claiming unrealistically that the investigations were ongoing.

However, he continued that his office was waiting for a communication form President Yoweri Museveni on the same. But now information that Ms Bagyenda is to retain her sit on FIA Board for the second term brings confusion since it would be hard for the FIA to investigate a board member and even if it did, it would put the investigation into disrepute.

The new appointment should come after Ms Bagyenda has been cleared by the agencies investigating her as well as Bank of Uganda where she worked and helped with the liquidation and sale of various banks now defunct.

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Sub-Saharan Africa growth to strengthen to 3.1 percent in 2018

Infrastructure such as road construction are top priority for continent.

Growth in the Sub-Saharan region is projected to strengthen to 3.1 percent in 2018 and to 3.5 percent in 2019, below its long-term average, according to the World Bank’s June 2018 Global Economic Prospects report.

Africa’s largest economies like; Nigeria is anticipated to grow by 2.1 percent this year, as non-oil sector growth remains subdued due to low investment, and at a 2.2 percent pace next year.

South Africa is forecast to expand 1.4 percent in 2018 and 1.8 percent in 2019 as a pickup in business and consumer confidence supports stronger growth in investment and consumption expenditures.

Angola is expected to grow by 1.7 percent in 2018 and 2.2 percent in 2019, reflecting an increased availability of foreign exchange due to higher oil prices, rising natural gas production, and improved business sentiment.

The report says that in non resource-intensive countries, the pickup in economic activity is being supported by improving harvests following droughts, citing Rwanda and Uganda. While others like Benin, Senegal are being supported by infrastructure development.

Rising mining output and stable metals prices are anticipated to boost activity in metals exporters. Growth in non-resource-intensive countries is expected to remain robust, supported by improving agricultural conditions and infrastructure investment.

However, the report warns that debt burdens are high and rising in a number of Low Income Countries, reflecting a mix of factors including the disclosure of previously unreported debt in Mozambique, governance issues in The Gambia, the earlier plunge in oil prices in Chad and low public saving in Ethiopia. “Poverty levels are elevated, especially among (LICs) in Sub-Saharan Africa, where nearly half of the population lives below the poverty line,” the report reads in part.

It says that poverty levels are high in most LICs. According to the report, nearly half of the population in LICs continues to live below the international poverty line of US$1.90 a day, at 2011 purchasing power parity (PPP) exchange rates.

“The proportion of the LICs’ population below the poverty line is higher in Sub-Saharan Africa (SSA) than in other regions, reflecting the relatively slow decline in poverty levels among fragile countries and metals exporters in SSA,” the report says.

The report notes that inflation continues to fall across LICs, helped by declining food prices, prompting central banks in some countries to further cut interest rates for example, in Mozambique and Uganda. However, inflationary pressures are high in several countries, owing to currency depreciations such as in Democratic Republic of Congo, Ethiopia and Liberia.

In some fragile countries like The Gambia and Zimbabwe, political transitions will allow for a pickup in activity, as opportunities for reforms boost investor sentiment. However, the recovery will be slower than previously anticipated among oil exporters, as they continue to adjust to low oil revenue and the heavy burden of external commercial debt.

Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries

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