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Exim Bank, Uganda to Sign Power, Road Deals

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Exim Bank, Uganda to Sign Power, Road Deals 18 NEW VISION, Wednesday May 7, 2014 BUSINESS Finance, civil society push for better use of budget money CURRENCY BUY SELL By David Mugabe services without tangible action is limiting cash transactions, as US Dollar 2520 2540 taken against those responsible BUSINESS well as operating the Treasury Pound Sterling 4250 4350 The finance ministry has said for providing the services. single account, where all ac- Euro 3495 3575 improving the availability of “Most of the money was OUTLOOK counts are consolidated and Kenya 28.5 29.5 budget information should coming back to the centre, government agencies submit Tz Sh 1.5 1.57 lead to better use of tax payers’ civil awareness is poor,” said n The Finance ministry is invoices and the Treasury pays Japanese Yen 24.3 27 money following a partnership Dr. Arthur Bainomugisha, the limiting cash transactions, as directly to service provider. between the Government and executive director ACODE. well as operating the Treasury On Thursday, the finance min- Rwandese Franc 3.4 3.8 civil society. Bainomugisha explained single account, where all istry and civil society will host a S.A Rand 230 255 Kenneth Mugambe, the direc- that through a short message accounts are consolidated and cross section of MPs, academics Sudanese pound 540 660 tor of budget at the finance min- (sms), they are now able to no- government agencies submit and finance technocrats. The Dhiram 675 695 istry, explained yesterday that tify budget champions about the invoices and the Treasury pays meeting will be televised live RATES ARE SUBJECT TO CHANGE with civil society monitoring disbursement of funds. directly to service provider on social media. The idea, ac- budget fundings, there should “Then people can demand for cording to Mugambe, is to bring be better service delivery. services. We are building on the eminent people to debate and The partnership between the demand side so the Govern- For education, a continuous out- influence the Government to in- finance ministry and civil soci- ment can supply,” said Bain- cry on money pillaged through vest in priority areas. ety spearheaded by Advocates omugisha. ghost teachers and uncomplet- The Uganda Revenue Author- Coalition for Development and Uganda spent sh13 trillion in ed works shows that the citizen- ity continues to post revenue MARKET BRIEFING Environment (ACODE) is borne the 2013/2014 budget. Of this, ry are shortchanged on quality shortfalls, which, if carried into from the shortcomings manifest- education and infrastructure education. the next year, may hurt budget WORLD TRADE GROWTH Mugambe said the ministry EXPECTED FOR 2014/2015 ed in the poor quality of various projects took the largest share. funding. World trade is expected to grow by a modest 4.7% in 2014 and at a slightly faster rate of 5.3% in 2015, World Trade Organisation economists said NEWS last month. Although the 2014 forecast of 4.7% is more than double the 2.1% increase of last year, it remains below the 20-year average of 5.3%. For the past two years, growth has averaged only 2.2%. The sluggish pace of trade growth in 2013 was due to a combina- tion of flat import demand in developed economies (0.2%) and moderate import BUSINESS growth in developing economies (4.4%). On the export side, both developed and developing economies only man- aged to record small, positive increases FTSE (1.5% for developed economies, 3.3% for developing economies). “For the Down at Ruogu listens last two years, trade growth has been 6814.28 to state sluggish. Looking ahead, if GDP fore- minister of casts hold true, we expect a broad- finance Jacan based but modest upturn in 2014, and CAC Omach on further consolidation of this growth in Up at arrival at 2015”, WTO director-general Roberto Entebbe Airport Azevêdo said. “It is clear that trade is 4468.04 yesterday. going to improve as the world economy Photo by improves. But I know that just waiting Kennedy Oryema for an automatic increase in trade will DAX not be enough for WTO members,” he Up at added. “We can actively support trade growth by updating the rules and reach- 9543.59 ing new trade agreements.” “Concluding the Doha round would provide a strong foundation for trade in the future, and DOW Exim Bank, Uganda to a powerful stimulus in today’s slow JONES growth environment. We are currently discussing new ideas and new approach- Up at es which would help us to get the job 16530.55 done — and to do it quickly.” sign power, road deals MINISTRIES TO GET PRE-PAID WATER METRES By Ibrahim Kasita ants, electrical and mechanical and Taddeo Bwambale engineers, cooks, cleaners and The National Water and Sewerage BETWEEN THE LINES masons. Corporation has said government The president of China’s Ex- n China has pledged to support the financing of the Local residents are encour- ministries and departments will port and Import Bank (EXIM 600MW Karuma and 188MW Isimba hydropower aged to start businesses to serve be connected on a new pre-paid Bank), Li Ruogu, has arrived in projects on River Nile. the needs of the workers. metering system beginning July Uganda to discuss the financing n The EXIM Bank boss is on a fact finding mission to Ruogu and his delegation are 2014, as the corporation moves arrangements of the two large assess the projects before committing over $2.5b. expected to meet the prime towards phasing out estimated hydropower projects with total minister, the finance minister metre reading. Speaking at a capacity to generate 788 mega- and the President. workshop in Kampala to sen- watts (MW). he said. Ruogu’s visit follows build transmission lines to a lo- President Yoweri Museveni sitise stakeholders about the China has pledged to China’s premier Li Keqiang’s cation where the power will be will then confirm and present functionality of the new system, support the financing of the visit to Africa recently in which integrated into the national grid. the projects funding details. Alfred Okedi, the chief 600MW Karuma and 188MW he signed deals worth $200b. Exim Bank of China will The delegation will also dis- finance officer, said Isimba hydropower projects on Already, preparation works for provide 85% of the project cuss several other infrastructure government entities will River Nile. the construction of both Karu- funds, while Uganda will pro- projects funded by EXIM Bank. have to clear their water Fred Kabagambe-Kaliisa, the ma and Isimba dams have start- vide 15%. These include the Kampala- arrears to zero balance before con- permanent secretary of the ed ahead of the lending terms The projects, according to Entebbe Express Highway esti- necting to the new system that kicks energy ministry, said the agreements. contractors, will directly employ mated at $400m, the construc- off in July this year. “The Government EXIM Bank boss is on a “fact Uganda entered a bilateral 6,000 Ugandans at the peak. tion equipment for districts owes national water over sh40b in ar- finding mission” to assess the agreement with China to speed There will be other jobs created worth $90m, the e-government rears, which is over 60% of the total projects before committing over up the construction of the dams by suppliers who will be con- infrastructure project estimated amount owed to us. Therefore, we want $2.5b. and their associated transmis- tracted to offer different services at $100m and construction of to register zero balance or come to an “He is here to assess the sion lines and substations. and goods. standard gauge railway linking understanding before connecting any of projects, discuss with us (gov- It is estimated that the Karuma The kind of workers expected the East African region. the entities to the new prepaid system,” ernment) the model of financ- dam will cost about $1.7b, which are welders, joineries, carpen- The delegation will also tour he said. ing and then approve the loan,” includes the costs needed to ters, porters, project account- the projects to assess progress..
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