Kampala, Uganda | THE INDEPENDENT | Civil Society Budget Advocacy Group has commended the government for putting together a pro-people 2022/23 budget, but has outlined areas that it wants prioritised so as to achieve tangible results. Speaking at a post-budget event held in Kampala on June 23, Julius Mukunda, …
Read More »South Sudan launches dev’t strategy to consolidate peace
Juba, South Sudan | Xinhua | South Sudan on Tuesday launched a revised National Development Strategy (NDS) Plan for 2021-2024 aimed at consolidating peace gains and helping revive the war-battered economy. Riek Machar, the First Vice President who presided over the launch, said the plan is a guide for collective investments meant …
Read More »URA to impose VAT on Facebook, Netflix
Kampala, Uganda | THE INDEPENDENT | To maximize tax collection, Uganda Revenue Authority has established mechanisms to start collecting VAT from non-resident service provider companies operating in the Ugandan economy. Collection of VAT from these companies is starting effective 1st July 2022, and will focus on all electronic service providers. These …
Read More »10 years of budget show limited shift in national priorities
A huge chunk of 2022/23 Shs48.1tn budget will go to the usual sectors of works and transport, security, health and education NEWS ANALYSIS | ISAAC KHISA | Uganda’s national budget, read on June.14, has drawn mixed reactions from various players, with manufacturers partly welcoming it but the civil society …
Read More »South Sudan ratifies East African bloc’s protocols on movement of persons, transhumance
Juba, South Sudan | Xinhua | South Sudan’s government said Friday it has ratified two protocols of the East African bloc, the Inter-Governmental Authority on Development (IGAD) on free movement of persons and transhumance in the member states. Mayiik Ayii Deng, Minister of Foreign Affairs and International Cooperation said the two …
Read More »Biden’s administration faces “only bad options” as inflation soars
Washington, U.S. | Xinhua | As U.S. inflation reached a 40-year high in May, President Joe Biden’s administration is facing “only bad options,” U.S. magazine Newsweek has reported. Over the last few months, the White House has been “badgered with questions about how the president will provide relief to Americans struggling …
Read More »Hiking interest rates
Why it’s the wrong recipe for curbing inflation COMMENT | STEPHEN ONYEIWU | The Central Bank of Nigeria recently announced an increase in the interest rate, from 11.5% to 13%, a 1.5 percentage point hike that took effect immediately. Whenever the Central Bank changes the monetary policy rate, otherwise known …
Read More »World Bank downgrades 2022 global growth forecast to 2.9 pct, warns of stagflation risk
Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality Washington, U.S. | Xinhua | The global economy is on track to grow by 2.9 percent in 2022, down 1.2 percentage points from the January projection, the World Bank Group said in its latest Global …
Read More »Uganda within middle income status threshold: Museveni
Kampala, Uganda | THE INDEPENDENT | Uganda has surpassed the middle-income status threshold and is only awaiting a declaration, according to President Yoweri Museveni. In his State of the Nation Address on Tuesday, Museveni said that the economy has now grown to US$ 45.7 billion, which is slightly above the population …
Read More »Russia to strengthen economic sovereignty in 2020s: Putin
Moscow, Russia | Xinhua | Russian President Vladimir Putin said Monday that the 2020s would be a time for his country to strengthen its economic sovereignty. Russia will speed up the development of infrastructure and key technology and establish an independent and efficient financial system, Putin said in a message to …
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