BoU Probe: Lukwago statement – “Re: Salient Matters Concerning The Parliamentary Probe Into The Closure of Greenland Bank and Other Defunct Commercial Banks” (12.02.2019)

BoU Scandal: Mmaks Advocates – Press Release (12.01.2019)

Opinion: Kadaga’s lifeline to Katuntu shows Parliamentary Rules are only for show!

That MP Abdu Katuntu gets to hold the Chair of the COSASE as the Speaker Rebecca Kadaga allows him to continue the Probe into Bank of Uganda (BoU) and the scandals it entails. This is like shady play, because if Katuntu are allowed to stay, what offers have they given to prolong his term as the chair of Committee in Parliament? Isn’t the legal protocol abiding for the lawmaker and MP?

Alas, that is just showing the mere disgraceful display of ignorance, the chronic cronyism and the patronage of the state. Even if Katuntu is waving the flag of an opposition party and being an MP for the Forum for Democratic Change (FDC). His acts of overstaying is the same of the ruling regime. He is just waiving differently in the elections, but when in power. The man has trouble emulating the ones he is supposed to oppose and defy.

That the Speaker Rebecca Kadaga allows the MP to be the Chair until the probe of the closure of banks done by BoU. Just shows the mere reflection of how the state doesn’t care about the laws or abiding to it. When it comes to their own. They trust Katuntu, that he will deliver the recommendations and the verdict that the state wants. If not, they wouldn’t have let him continue.

This even as the MPs are supposed to follow Rule 146, which sets an MP is only allowed to be 2,5 years at a Committee. That is clearly done, so they can ensure that they are getting more portfolio and not to connected in one field. As the connections and the cronies can team up, stop the back-log and also the lack of reports being discussed in the Plenary Session. Maybe, that is also why the Katuntu want to stay. As he has certain favours to uphold.

We can really question, as the final ending of the investigation of the BoU cannot be that important, unless the patronage around Kadaga and the President. Are planning to bury the report and make it as pointless, as certain other Parliament Reports, which are as stale as very old wall-paint after years of bad weather.

We can wonder why Kadaga fights over the rules made for the 10th Parliament, the rules made to ensure transparency and accountability of the Parliament. The 10th Parliament rules should be hold, especially by the Speaker. If the Speaker doesn’t care, should the chambers be invaded by strangers and also fake evidence for the Parliament, because if the terms doesn’t matter. Does anything else?

If the COSASE Committee terms becomes pointless, than what else is pointless dear Speaker? We can just wonder, why do the Parliament have protocol and guidelines anyway? If the Speaker doesn’t follow them or can change her mind?

That is how it looks like and how can we trust this probe, when the chair of the committee can just override the rules. Gets extended and violate the laws to finish a probe into dealings done by the BoU. We can really wonder if the report will be juicy or be watered down juice. Certainly, I cannot trust it now. Not that I ever did, but before, they at least acted like they cared about protocol. Now, it is just pointless exercise of power. Without any rules, as the Speaker can overrule everyone. As she wants. That is the memo, we have gotten this week. Peace.

BoU Scandal: Bank of Uganda Deputy Governor Louis Kasekende defends himself (18.12.2018/19.12.2018)

Press Release No. 15/460: IMF Staff Completes Review Mission to Uganda (5.10.2015)

Bank notes Uganda

A team from the International Monetary Fund (IMF) led by Ana Lucía Coronel, IMF Mission Chief and Senior Resident Representative in Uganda, visited Kampala from September 24 to October 5, 2015, to conduct the fifth review of Uganda’s economic program supported by the Policy Support Instrument (PSI).1

At the end of the mission, Ms. Coronel, issued the following statement:

“Despite the global and regional economic challenges and election-related uncertainties, Uganda’s recent economic performance has been mostly favorable. Real economic growth —led by increased public investment—reached 5 percent in FY2014/15, slightly below staff projections, but well above the FY2013/14 level (4.5 percent). Core inflation accelerated to 6.7 percent year on year in September but remains within the Bank of Uganda’s target band. International reserves remain at comfortable levels”. 

“Uganda is not immune to the difficult external environment affecting other countries. Together with domestic nervousness relating to the upcoming elections, external shocks and uncertainty have resulted in a sharp decline in the shilling (27 percent over the past year), creating challenges for policy makers. The exchange rate depreciation raised domestic prices given the high import content of the consumption basket, created uncertainty for consumers and investors, and generated market uneasiness. The mission welcomed the authorities’ proactive and effective response to the challenging situation, notable the timely monetary tightening, which has helped curb further inflationary pressures”,

“Performance under the PSI was satisfactory. The end-June 2015 fiscal, external, and inflation targets were mostly met. There was significant progress on increasing tax revenue, with the strong package introduced in the FY2014/15 budget yielding about 1¼ percent of GDP compared to an original target of ½ percent. However, the high stock of domestic arrears—notably the proliferation of court awards—remains a concern, despite the authorities’ efforts to reduce them”.

“Discussions focused on policies to be conducted over the rest of the fiscal year. The mission welcomed the authorities’ determination to adapt the policy mix to the ongoing challenges, including those related to the political cycle, by closely coordinating fiscal and monetary actions. Supported by an adequate stock of international reserves, monetary policy will remain vigilant of price developments and help moderate inflation expectations now that the shilling has largely stabilized. On the fiscal front, the authorities are encouraged to continue to build on the strong revenue performance of last year by improving tax collections even during the election period. On the expenditure side, the government has appropriately identified a series of spending cuts that should reduce the need for domestic borrowing, creating space for private sector credit and growth recovery”.

“On the structural front, important steps have been taken. The mission welcomes the approval of the Public Financial Management Act and the actions taken to clean the payroll and improve the payments system. Regulating the new law and finalizing the Charter of Fiscal Responsibility are important steps to further help improve the budget process and efficiency of expenditure. In addition to these improvements, the mission has encouraged the authorities to intensify ongoing efforts to fight corruption, which continues to affect the business climate. Improving transparency and accountability remains critical”.

Over the medium term, core inflation is set to decline toward the 5 percent target and growth is expected to gradually return to its potential of about 6–6½ percent. While the authorities will continue their plans to scale up public investment, they intend to re-profile projects to ensure that public debt remains at low risk of distress. The completion of these projects should reduce infrastructure bottlenecks and support growth”.

“The mission met with Mr. Keith Muhakanizi, Permanent Secretary/Secretary of Treasury of the Ministry of Finance, Planning and Economic Development; Dr. Louis Kasekende, Deputy Governor of the Bank of Uganda; and other senior government officials, and representatives from the business, civil society and international communities. The mission thanks all counterparts for their collaboration”.

“IMF Executive Board consideration of the fifth review of the PSI-supported program is expected by end-November 2015.”