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.”
WASHINGTON, February 27, 2015 – The World Bank Group’s (WBG) Board of Executive Directors today approved a total of US$75.5 million to improve the management of fisheries and increase the economic benefits from fishing-related activities for families living in the coastal communities of the South West Indian Ocean region.
The First South West Indian Ocean Fisheries Governance and Shared Growth Project(SWIOFish1) will help improve regional cooperation for the nine African countries that border the waters of the South West Indian Ocean.
“Fisheries are a key contributor to food security, nutrition and job creation for rural coastal populations of the South West Indian Ocean, who are among the poorest and most vulnerable in the region,” said Colin Bruce, World Bank Director of Regional Integration for the Africa Region. “Promoting sustainable use of fisheries, linking smaller operators to new value chains and improving regional cooperation over shared resources will boost shared prosperity in these countries and the entire region.”
The coastal populations of the South West Indian Ocean region suffer from challenges such as too little economic growth, hunger, poverty and exposure to climate change impacts. Fish stocks in the region are increasingly facing risks of overexploitation or depletion from overfishing by industrial vessels and artisanal fishers.
The project will initiate regional discussions and cooperation to develop a regional fisheries management program focusing on reducing pressure on the fishing ecosystems and helping countries address shared challenges. Safeguarding fish resource productivity and developing the value chain for fish production will expand the fishers’ livelihoods as a step towards reducing poverty.
Financed by $75.5 million from the International Development Association (IDA)*, the WBG’s fund for the poorest, and $15.5 in co-financing trust funds form the Global Environment Facility (GEF), the project will support regional coordination and cooperation to improve the management and sustainable development of fisheries in the South West Indian Ocean and will benefit the countries in the South West Indian Ocean Fisheries Commission: Comoros, Madagascar, Mauritius, Seychelles, Somalia, Kenya, Tanzania, Mozambique, South Africa, Yemen and Maldives.
Three countries in the region, Comoros, Mozambique, and Tanzania have already taken steps to develop strategies and institutions to improve fisheries management and marine health through other World Bank projects. To leverage these previous investments Comoros will receive $13 million, Mozambique will receive $37 million and Tanzania will receive $36 million to strengthen country-wide institutions and activities, improve fishers’ livelihoods, expand the regional business climate and increase private sector investment in the fishing industry.
“Overfishing, including from uncontrolled small-scale fishing, progressively undermines the resource base upon which coastal communities depend,” said World Bank Task Team Leader Xavier F. P. Vincent. “The South West Indian Ocean marine fisheries are part of a larger marine ecosystem shared by all countries of the region. Today’s project will support regional coordination among the countries that border the South West Indian Ocean, improve the health and sustainability of the fisheries.”
Brede Hangeland was reported earlier today that his future at Fulham was over today. The defender is now 32 years old and the club ended on the 19th place in the Premier League. The player has been in the club in 6, 5 years (Sandberg, 2014). Who got signed from FC Copenhagen and also being an important part of the team – Fulham. At Fulham, he was the captain for a long time.
This is ordinary in this day and age. That when a team goes down a division they get rid of certain older players and try to get younger ones they can build a good squad. So that in the end, they can go up and not buy too much players when their getting back into the Premier League. So that Brede Hangeland lost his contract and got terminated isn’t like shooting stars. But the way they did it, isn’t the proper way.
The report from his adviser Jon Mørland is this: “Today I got the news that Fulham has decided to terminate my contract with the club immediately effect. I got their decision by e-mail, without any meeting with the club or discussion about my contract or my future in the club” (Sandberg, 2014).
If this news is true, then as football fan, I am appalled and disgusted. Even though the Club announce it like usual business. I am still wondering and thinking that they are not true. Here is how they describe it:
“Fulham Football Club has announced that it has released Brede Hangeland. The 32-year-old joined the Whites in January 2008 as Roy Hodgson’s first signing and made an instant impact, helping the Club achieve Premier League survival in the season which became known as ‘The Great Escape’. Hangeland went on to make 272 appearances for Fulham, including turning out 16 times on our memorable run to the 2010 UEFA Europa League Final. The Club would like to thank Brede for his six-and-a-half years of committed service and wishes him the very best in all of his future endeavours” (FulhamFC, 2014).
That sounds alright right? But for a club who has had three managers in the recent season and went down with the worst shopping of players. This just shows how crazy the decision was made, especially when this comes from the same club 4 hours later the club.
They put this on twitter:
The Club would like to clarify that all personal protocol was followed and that Brede Hangeland was notified in the right way”(@FulhamFC.Twitter, 2014).
So when they come with this report 4 hours after the first one and also the loyal player who lost his post send messages through his adviser… Then you know that there fishes to fry.
Craven Cottage Newsrooms writes it correctly: “This one’s a real shame. Hangeland wasn’t like most footballers and it’s no surprise to me that he’s off. He liked Fulham and all it stood for, until such a point as he didn’t like Fulham and all it stood for, and now he’s gone” (Wormbridge, 2014).
Let me just address this correctly if he was sacked through e-mail! Then the whole system of the business of Fulham FC isn’t cracking or working anymore. Their action isn’t sparkling of security and also the right approach to deal with their employees. Let me be clear, if this is true. Fulham FC has broken codes and also the respect of their employees. Hangeland has deserved better, anyone in alleys of Craven Cottage deserve better, even the one cutting the grass on the field shouldn’t gotten sacked by e-mail. Peace.
Sandberg, Fredrik Økstad og Bergquist, Mathias – Fulham forsvarer epost-sparkingen av Hangeland (03.06.2014): http://www.dagbladet.no/2014/06/03/sport/brede_hangeland/fulham/33655236/
@FulhamFC on Twitter, 03.06.2014.
FulhamFC – Hangeland Departs (03.06.2014): http://www.fulhamfc.com/news/2014/june/03/hangeland-departs?utm_source=Social&utm_medium=AllSocial&utm_campaign=MB
Wormbridge, Claude – The End of Brede Hangeland (03.06.2014):http://cravencottagenewsround.wordpress.com/2014/06/03/the-end-of-brede-hangeland/