After being summoned by finance committee at parliament for so many times to come and respond on the severe depreciation of the shillings against foreign currencies especially the dollar, Finance Minister Maria Kiwanuka finally appeared before MPs at the flow of parliament.

Maria Kiwanuka, Uganda Minister of Finance

Kiwanuka told Parliament that over the past twelve months since June 2010, Uganda shillings has depreciated against the US dollar by 16%.

She said that the global industrialized economies have suffered a severe recession since the global financial crisis erupted in 2008. The minister explained that the weaknesses in the industrialized economies have constrained the growth of Uganda’s export as well as inflows of goods.

She says that as a way of saving the situation, the  government  is going to focus on facilitating export promotion activities so that there is increased foreign currency inflow into Uganda.

She also called upon the public to remain focused and avoid activities that portray Uganda as a bad economy or country.

Ultimate Media