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<p>In Uganda, the 3rd National Development Plan was tabled before Parliament in January 2020 by the Minister of State for Planning, a move that was supposed to inform the processing and approval of the budgets for the next five years starting with 2020/2021 financial year. Analyst, Charles Bwogi joins CNBC Africa for more.</p>


Unpacking Uganda’s 3rd National Development Plan

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<p>The East African Community finance ministers have agreed on measures to protect and enhance the competitiveness of the regional manufacturing industry. This comes ahead of the conclusion of a comprehensive review of the Common External Tariff that has dragged on for more than three years. Economic Analyst, Ted Kaberuka joins CNBC Africa for more.</p>


COVID-19: East African Community unveils new measures to protect manufacturing industry


<p>By Jee-A Van Der Linde – Economist</p>



<p>Finance ministers of East Africa are expected to table their respective budgets in coming days for the new financial year that begins on July 1. The reading of East African budgets is normally a joint exercise.</p>



<p>The new budgets come at a pivotal time, as the unexpected Covid-19 pandemic has placed pressure on government finances in 2020.</p>



<p>Authorities have little choice but to provide fiscal support where they can. However, there will be challenges and the governments will need to closely monitor developments to avoid the budget deficits from spiralling out of control.</p>



<p>Government finances will take a hit across the region. We believe that this will for the most part be driven by the collapse in fiscal revenue due to the marked deterioration in the economic outlook.</p>



<p>The region’s largest economy, Kenya, has provided fiscal support through tax relief, which will further weigh on the revenue side.</p>



<p>In general, on the expenditure side we expect to see a lot of reprioritisation away from sectors that have seen activity halted due to the Covid-19 pandemic. This could include a reduction in direct spending in the tourism sector and construction.</p>



<p>These resources will likely be redirected towards containment efforts – particularly health care – and social support.</p>



<p>Regardless, East African fiscal finances will look a lot worse during the next fiscal year than what was expected a few months ago. Fiscal deficits will be wider than previously anticipated and public debt will increase at a faster rate.</p>



<p>We have seen multilaterals stepping up support, which could reduce the longer-term fiscal impact of the Covid-19 crisis, but commitments to date will undoubtedly have to be supplemented to ensure that the Covid-19 pandemic does not have a long-term fiscal legacy.</p>



<p>Furthermore, most East African nations have been able to assess the impact of the virus and incorporate this new reality into their budgets.</p>



<p>This is a lot more efficient than having to adjust a budget midway through a fiscal year.</p>



<p>Rwanda, the region’s fastest-growing economy in 2019, is to delay publishing its budget for the new financial year. The break from tradition comes down to the Rwandan Cabinet not yet having approved the finance minister’s budget proposal.</p>



<p>The government expects to spend RWfr3.245trn during the fiscal year 2020/21 – RWfr228.7bn more than the revised budget estimates.</p>



<p>Although we do not expect government to curb non-essential expenditure during this time, stimulus measures to fight against the fallout of the virus are unavoidable.</p>



<p>Rwanda’s fiscal deficit is expected to widen this year, in step with its regional peers. Moreover, public debt levels have risen over the years and 2020 will be no exception.</p>



<p>Given the extraordinary circumstances, forecast adjustments are likely.</p>



<p>Room to deploy fiscal policy to combat Covid-19 is limited.</p>



<p>It seems investors globally have made peace with the fact that many countries will have to increase borrowing to combat the pandemic, and if containment efforts show positive results, these countries should not struggle to find capital to fund the recovery.</p>



<p>The East African region is fighting an economic battle on two fronts.</p>



<p>Covid-19 is disrupting supply chains, curtailing economic activity at large and devastating regional tourism.</p>



<p>Meanwhile, the unprecedented locust infestation is wreaking havoc in the region’s agricultural sector – an industry generally spared from the Covid-19-induced economic slump.</p>



<p>The World Bank announced the commencement of an emergency programme to help countries in Africa fight the ongoing locust infestation.</p>



<p>The Bank noted that the first East African countries to be financed under the initial phase of the programme are Djibouti, Ethiopia, Kenya, and Uganda, with a total financing package of $160m.</p>



<p>Despite this support, the unprecedent nature of both the Covid-19 pandemic and the locust infestation will derail the region’s economic growth trajectory.</p>



<p>We expect Africa’s fastest-growing region to record a 1.8% GDP contraction this year.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Op Ed: East African finance ministers to present budgets for new fiscal year

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<p>Last night during a televised interview, Ugandan President Yoweri Museveni addressed concerns around Covid-19, touching on topics such as the upcoming elections and the country&#8217;s economic performance amid the virus. CNBC Africa spoke to Analyst and Chief Strategist at Impact Communication Strategies, Kenneth Agutamba for more.</p>


Uganda considers postponing presidential elections due to Covid-19

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<p>Global oil prices have recently dropped to record lows due to a combination of events that included a price war and lack of global demand due to the COVID-19 pandemic but could this read as good news for one of Africa&#8217;s budding new oil producers? CNBC Africa spoke to Elson Karuhanga, a lawyer at Kampala Associated Advocates for more.</p>


Could Uganda’s oil producing ambitions be boosted by COVID-19 pandemic?

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<p>Kenyan truck drivers have been reported to be protesting a decision made by the Ugandan Government, to have cargo trucks handed over to local drivers at the border after sanitisation. The move is an attempt to prevent the spread of COVID-19 in Uganda as transit cargo truck drivers are said to be the main carriers of the virus into the country. Analyst and Chief Strategist at Impact Communication Strategies, Ken Agutamba joins CNBC Africa more.</p>


Uganda ramps up fight against COVID-19 pandemic

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<p>With 55 confirmed cases, 20 recovered and zero deaths registered as of today, Uganda pushes forward in its fight against the spread of COVID-19. Generous private sector donations, the approval of a COVID-19 response budget and updated measures announced by President Museveni are some of the updates. Analyst and Chief Strategist, Ken Agutamba joins CNBC Africa for more.</p>


Uganda approves COVID-19 response budget

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<p>Uganda&#8217;s President Yoweri Kaguta Museveni in his address to the nation last night announced a nationwide lockdown for the next two weeks as the country battles the covid19 pandemic. NTV&#8217;s Qatahar Raymond Mujuni joined CNBC Africa for more.</p>


COVID-19: Uganda president announces 14 day national lockdown

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<p>The United Nations Economic Commission for Africa predicts that coronavirus will cut 1.4 per cent off Africa’s $2.1 trillion GDP due to widespread disruption of business on the continent and across the world. According to estimates, countries on the continent have so far lost an estimated $29 billion to the coronavirus economic disruption, an amount equal to Uganda’s gross domestic product. Dr Mama Keita, Director of UN Economic Commission for Africa in Eastern Africa joins CNBC Africa for more.</p>


UNECA on COVID-19’s impact on African economies

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<p>Uganda’s Central Bank said it would provide liquidity to commercial banks among other actions it was taking to cushion them from the negative effects.</p>


COVID19: Uganda to seek loan from World Bank

COVID19: Uganda to seek loan from World Bank, Central Bank to provide liquidity


<p>Report by Elias Biryabarema</p>



<p>KAMPALA (Reuters) &#8211; Uganda will request the World Bank for a loan of $190 million to help cushion its economy from the impact of the coronavirus pandemic, its finance minister said.</p>



<p>The government has cut its economic growth forecast this fiscal year to 5.2–5.7% from an initial projection of 6%, the minister, Matia Kasaija, said in a statement late on Thursday. </p>



<p>The disruption caused by the coronavirus are expected to cut industrial output, tourism earnings and the government’s tax collections.  </p>



<p>The government will seek a $100 million budget support loan for this financial year and a further $90 million for the next financial year , Kasaija said.   </p>



<p>It will also approach the International Monetary Fund for help with a projected decline in foreign exchange reserves from 4.2 months worth of imports to 3.5 months.  </p>



<p>The Ugandan shilling  declined sharply this week, prompting the central bank to intervene three times in a row to sell dollars and offer support. </p>



<p>Kasaija said as a result of the economic upheaval from the outbreak, Uganda’s imports were expected to decline 44% in the four months to June. The expected widespread loss of jobs was likely to push an estimated 780,000 people into poverty, he said.    </p>



<p>Uganda has not reported any cases of the coronavirus, which emerged in China late last year and has been spreading around the world. </p>



<p>Nevertheless, on Wednesday, the government ordered the closing of schools, bars and it banned public gatherings to prevent any outbreak. </p>



<p>($1 = 3,835.0000 Ugandan shillings) </p>



<p>(Editing by Duncan Miriri and Robert Birsel)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2171ED-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2171ED-OZABS</a> and is republished with its permission.</p>


Uganda to seek $190 mln from World Bank to cushion coronavirus blow


<p>By Cooper Inveen</p>



<p>FREETOWN (Reuters) &#8211; Shoppers threaded their way between stalls hawking everything from watches to pigs’ feet in Sierra Leone’s capital on Wednesday, two days after the government banned large gatherings to combat the coronavirus but exempted markets such as this.</p>



<p>Buyers and sellers at the Abacha market say they can’t afford to stay away anyway. They depend on it for their daily food and wages.   </p>



<p>A growing number of African countries are announcing increasingly restrictive measures to try to halt the spread of the virus, which has infected more than 200,000 people globally and killed nearly 9,000. They have shut borders, closed schools and universities and barred large public gatherings.  </p>



<p>On Wednesday, Uganda banned religious gatherings and weddings, despite not having a single coronavirus case. South Africa strongly encouraged restaurants and bars to provide take-out services only.  </p>



<p>Sierra Leone, despite not having a reported infection, banned gatherings of more than 100 people on Monday. Markets that draw thousands of people were exempt. </p>



<p>“We don’t have this virus here yet, so why should we stop?” said Abacha soap vendor Adama Jalloh, as a baby dozed against the back of her traditional print dress.  </p>



<p>“Even during Ebola time we were able to sell,” she said, referring to a deadly outbreak that killed thousands in West Africa in 2013-16. </p>



<p>Africa was slower to feel the impact than Asia or Europe, but 31 African nations have now recorded cases, with 13 reported deaths. The World Health Organization on Wednesday advised African countries to avoid mass gatherings and “wake up” to the growing threat. </p>



<h3 class="wp-block-heading">PATIENTS ON THE RUN </h3>



<p>On Wednesday, Kenya &#8211; which has seven cases &#8211; announced that anyone entering the country who fails to observe the required 14 days of self-isolation would be arrested. But there’s no system for monitoring new arrivals, and some flout the rules.  </p>



<p>A Kenyan legislator who turned up in parliament this week was forced out by cries of “quarantine! quarantine!” after another lawmaker pointed out he’d recently arrived from London.  </p>



<p>In South Africa, which has 116 cases &#8211; more than any other sub-Saharan nation &#8211; a family that tested positive for the virus refused to go into quarantine this week, forcing officials to get a court order. </p>



<p>“Patients who are tested positive for the COVID-19 virus are required to stay (in quarantine). Not for their safety, but also for the safety of others,” said Kwara Kekana, spokeswoman for the Gauteng provincial health department.  </p>



<p>Some Africans find the measures draconian.    </p>



<p>In western Ivory Coast, which has only six coronavirus cases and no deaths, some people thought it was a bit much when the government told them to keep one metre apart and wash their hands rigorously.  </p>



<p>“People are exaggerating a bit. The disease hasn’t really spread far here, and they’re scaring us by telling us not to greet and to wear masks,” said Namory Doumbia, a 28-year-old chauffeur. </p>



<p>Bans on large gatherings are sometimes selectively applied, confusing citizens. Senegal, a mostly Muslim West African country, cancelled religious festivals five days ago, but initially spared Islamic prayers.  </p>



<p>“We cannot forbid religious gatherings,” said Mbackiou Faye, a representative of Senegal’s powerful Mouride Muslim brotherhood. “It is with our prayers and our incantations that God answers them and spares us from diseases.” </p>



<p>Late on Wednesday, Senegal &#8211; which has 36 cases &#8211; ordered both churches and mosques closed. But they remained open in other nations like Burkina Faso, where hundreds prayed together side-by-side in one of the capital’s largest mosques.  </p>



<p>Both Kenya and South Africa have directed public minibuses that provide transport to millions of people to provide passengers with hand sanitizers. Checks by Reuters revealed that few had done so.  </p>



<p>Passengers at a busy minibus rank in Johannesburg’s financial centre said they lived too far from their jobs to walk, and there was no other transportation.  </p>



<p>“I don’t feel safe in the (minibus) taxi,” said 29-year-old Lerato Sibandi, who needed to travel to her retail job. “But I don’t have a choice.”  </p>



<p>(Reporting by Tumelo Modiba in Johannesburg, Humphrey Malalo, Omar Mohammed and George Obulutsa in Nairobi, Hereward Holland in Kinshasa, Christophe Van Der Perre in Dakar,and  Loucoumane Coulibaly in Abidjan; Writing by Tanisha Heiberg and Katharine Houreld; Editing by Alexandra Zavis and Nick Macfie)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2160WG-OZATP">https://af.reuters.com/article/topNews/idAFKBN2160WG-OZATP</a> and is republished with its permission.</p>


Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

Africa talks tough against coronavirus but many wonder why

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This week saw Commonwealth Day and the very first European Union, Uganda Business Forum happen in Kampala. Analyst and Chief Strategist at Impact Communication Strategies, Ken Agutamba joins CNBC Africa for more.</p>


Inaugural EU-Uganda Business Forum to strengthen bilateral ties

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Recently, Uganda&#8217;s Ministry of Health has notified the public that it has isolated four foreign nationals at the Entebbe Referral Hospital with flu and cough symptoms. This comes at a time when new cases have been reported in both Senegal and Tunisia. Editor of Daily Monitor, Qatahar Raymond Mujuni joins CNBC Africa for more.</p>


How Uganda is preparing for coronavirus

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In what appears to be an escalation of trade spats between Kenya and Uganda, Kenya has stopped another Uganda company from exporting milk. Also, Zimbabwe has expressed interest in buying Ugandan maize. Analyst, Charles Bwogi joins CNBC Africa for more.</p>


Kenya rejects more Ugandan milk amid ongoing trade tensions

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In a bid to normalize ties between Rwanda and Uganda, through the fourth Quadripartite Heads of State Summit both President Paul Kagame and Yoweri Museveni met at Gatuna border. They were joined by Angolan President João Lourenço and his Congolese counterpart Félix Tshisekedi. The agenda of the meeting includes review and discussion of feedback from Uganda following a Note Verbale from Kigali dispatched on February 15. Joining CNBC Africa to speak on economic integration between countries in the region is Journalist Gonzaga Mugwana.</p>


Heads of state meet to discuss economic integration of Rwanda

Heads of state meet to discuss economic integration of Rwanda, Uganda and Congo

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Uganda and Tanzania are the latest East African economies that are being affected by locust swarms. For months, Ethiopia, Kenya, and Somalia have been ravaged by locust swarms which have decimated crops and risk reducing economic growth, creating inflationary pressures, and increasing food insecurity in the agriculture-dependent East African region but is there cause for alarm? CNBC Africa&#8217;s Arnold Kwizera spoke to Kelvin Dalrymple, the Vice President of Moody&#8217;s for more on this.</p>


Uganda

Unpacking Uganda’s 3rd National Development Plan

COVID-19: East African Community unveils new measures to protect manufacturing industry

Op Ed: East African finance ministers to present budgets for new fiscal year

Uganda considers postponing presidential elections due to Covid-19

Could Uganda’s oil producing ambitions be boosted by COVID-19 pandemic?

Uganda ramps up fight against COVID-19 pandemic

Uganda approves COVID-19 response budget

COVID-19: Uganda president announces 14 day national lockdown

UNECA on COVID-19’s impact on African economies

COVID19: Uganda to seek loan from World Bank, Central Bank to provide liquidity

Uganda to seek $190 mln from World Bank to cushion coronavirus blow

Africa talks tough against coronavirus but many wonder why

Inaugural EU-Uganda Business Forum to strengthen bilateral ties

How Uganda is preparing for coronavirus

Kenya rejects more Ugandan milk amid ongoing trade tensions

Heads of state meet to discuss economic integration of Rwanda, Uganda and Congo

Uganda, Tanzania latest to be affected by locust swarms – how will this impact food security & EA economies?

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Uganda

Unpacking Uganda’s 3rd National Development Plan

COVID-19: East African Community unveils new measures to protect manufacturing industry

Op Ed: East African finance ministers to present budgets for new fiscal year

Uganda considers postponing presidential elections due to Covid-19

Could Uganda’s oil producing ambitions be boosted by COVID-19 pandemic?

Uganda ramps up fight against COVID-19 pandemic

Uganda approves COVID-19 response budget

COVID-19: Uganda president announces 14 day national lockdown

UNECA on COVID-19’s impact on African economies

COVID19: Uganda to seek loan from World Bank, Central Bank to provide liquidity

Uganda to seek $190 mln from World Bank to cushion coronavirus blow

Africa talks tough against coronavirus but many wonder why

Inaugural EU-Uganda Business Forum to strengthen bilateral ties

How Uganda is preparing for coronavirus

Kenya rejects more Ugandan milk amid ongoing trade tensions

Heads of state meet to discuss economic integration of Rwanda, Uganda and Congo

Uganda, Tanzania latest to be affected by locust swarms – how will this impact food security & EA economies?

News Tips

Advertise With Us

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