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Archive for the tag “Fiscal Policy”

World Bank Statement on Withholding New Lending to Uganda (13.09.2016)

 

Ugandabills

UGANDA, September 13, 2016The World Bank Group took a decision to withhold new lending to Uganda effective August 22, 2016 while reviewing the country’s portfolio in consultation with the Government of Uganda.  We continue to actively work with the Ugandan authorities to address the outstanding performance issues in the portfolio, including delays in project effectiveness, weaknesses in safeguards monitoring and enforcement, and low disbursement.

We reiterate our commitment to doing everything possible to work closely with the Government of Uganda, as well as with other stakeholders, to support the country’s development and ensure that all World Bank-supported projects deliver tangible and long-lasting results to all Ugandans, especially the poor and vulnerable.

Press Release: “Yesterday’s stop of broadcasting on the SSBC because of ‘Technical Failure'” (07.06.2016)

SSBC PR 07.06.2016

Press Statement: ZA – Firing Nene reckless and irrational (09.12.2015)

Nene

Tonight’s announcement by President Zuma that he has fired Nhanhla Nene as Finance Minister is a reckless and dangerous move that further damages our country’s economy. Accompanied by no reasons for such a drastic move, one can only conclude that tonight’s action is yet another example of how President Zuma puts himself first and the country second.

It is common knowledge that Nhanhla Nene sought to reign in excessive government spending and was causing too much of a blockage for President Zuma in respect of the nuclear procurement deal and SAA. President Zuma has made one thing very clear tonight: if you stand in my way as Finance Minister and seek to introduce fiscal prudence, you will find yourself redeployed and cast aside. A Zuma ANC government has no regard for sensible finance policy that puts South Africa first.

Tonight’s firing of Nhanhla Nene has already had profoundly negative effects on the rand which has plummeted since news of the announcement broke. This is sure to make the plight of the unemployed in South Africa even more difficult.

The appointment of David van Rooyen as Finance Minister provides no assurance that our economy is in safe hands. The fact that President Zuma waited until after last Friday’s rating assessments to make this decision shows that he knew this was a bad decision.
By President Zuma’s own admission, Mr Nene “has done well […] during a difficult  economic climate, so it makes absolutely no sense for him to be fired. President Zuma has again proven himself to be a President incapable of making the right decisions to set South Africa on a path to increased economic growth and job creation.

At this time, our country requires strong economic leadership. Tonight’s decision is the complete opposite.

As the DA, we will subject Minister van Rooyen to close oversight as he begins his tenure. And we will intensify our efforts to bring change to South Africa. Change that brings strong leadership and a government that puts South Africa and its people  first.

Uganda: Secretary to the treasury, Muhakanizi defends Public Finance Act (Youtube-Clip)

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