Uganda immune from financial crisis

  1. Posted on Sunday 12 October 2008 - 12:17
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    Fredrick Mugira, AfricaNews reporter in Kampala, Uganda
    Uganda is immune from the ongoing world financial crisis, President Yoweri Museveni has assured the nation. He assured investors that the financial systems of the country are strong and sound. The president emphasized that there is no need to panic following the current global financial plunge.
    Museveni_World_Bank
    Speaking at the just ended 46th Independence anniversary celebrations at Kololo ceremonial grounds in Kampala, he stressed that the country’s financial sector had been regulated and banks have been following prudent lending procedures.

    The colorful function that was attended by delegations from Burundi, Kenya, Tanzania, Rwanda and Somalia, also witnessed the inauguration of the new colors of the Uganda People’s Defense Forces (UPDF) flag by the President.

    The president said the immediate spill over effects would however be minimal in the short run. Museveni pointed out that although Uganda’s exports, particularly to European and American markets, may be reduced if the world economy goes into recession, they will, however, end up in regional markets following the diversification of the exports.

    On poverty eradication, the President directed NAADS and Uganda Investment Authority as well as the ministry responsible for industry and that of finance to ensure that all agricultural products in Uganda are processed.

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