Museveni: Uganda’s economy is now growing faster
Uganda has recovered from an economic slump it suffered four years ago with latest figures showing a better performance of the economy than had been predicted, President Yoweri Museveni has said.
Speaking at the 20th annual National prayer breakfast at Hotel Africana in Kampala, Museveni said that the current growth rate stands at 6.1% which represents a 0.3% improvement from the 5.8% which was predicted in June.
“About 4 years ago, the growth rate went down to 3.4% which was one of the lowest but because of the decision we took in 2007, the economy is now galloping, it has begun to grow very fast,” Museveni said.
He the said the positive trends in the economy are a result he took with MPs of the 7th Parliament in 2007 to increase expenditure on roads and electricity sectors which were being slowed down by the World Bank.
“You build a road for 15 years? How will a country like Uganda develop? We decided to tighten our belts and leave the World Bank people because they were not serious, and said, let’s do the roads ourselves,” Museveni said.
Museveni spent less than 10 minutes at the event and left for Speke Resort Munyonyo to host a regional meeting on peace, security and cooperation in the Democratic Republic of Congo (DRC).