The 14 Museven’s Interventions to restore the economy to medium growth path. Uganda’s has been adversely affected with the COVID 19 since its outbreak in in 2020. President Museveni as devised strategies to propel the economy into prosperity and some of the strategies are;
- Boosting business of the Private Sector, especially Micro, Small and Medium (MSME) Enterprises by extending CoVID relief measures, increasing regional and continental market access, access to long term affordable capital and supporting entrepreneurial development.
- Aggressively promoting agro-Industrialization to unlock the potential of primary production, together with standards development and enforcement including enhanced Market Access.
- Commercializing Minerals, Oil and Gas endowments to obtain the greatest benefits from adding value to Uganda’s natural endowments.
- Develop and Maintain Infrastructure for Economic Growth and Development and promote regionally balanced growth.
- For purposes of Boosting Business Activity, the immediate requirement is to support the recovery of businesses that continue to be adversely affected by the COVID-19 pandemic include Financing Private Sector Growth.
- Credit relief to enable businesses to improve their liquidity and cashflow.
- The restructuring of private sector bank loans has been further extended from 1st April 2021 for a further six months, allowing restructuring of loans for upto three times. This restructuring can be applied by any borrower at any time before 30th September 2021.
- Access to affordable medium-to-long term capital is key to boosting business. Uganda Development Bank will be further capitalized with an additional Shs. 103 billion in financial year 2021/22, in addition to the Shs. 555 billion disbursed this Financial Year 200/21 for lending to Small and Medium Enterprises affected by the COVID19 pandemic, among others.
- The Agricultural Credit Facility (ACF) at the Bank of Uganda, the Emyooga programme through the Micro Finance Support Centre (MSC) and the Uganda Women Entrepreneurship and Youth Funds will continue to provide targeted funding for agriculture, women and youth group projects respectively.
- Applied Research in science, technology and Innovation are key to industrialization and socio-economic transformation. Significant gains in productivity and competitiveness can be achieved with product development.
- To further support advancement in scientific research and innovation, the construction of the National Automotive Park will commence next year. Feasibility studies for Regional Science and Technology Parks and Technology and Business Incubators will also be carried out.
- Technology development for the manufacture of Personal Protective Equipment (PPE), Diagnostics and Bio-medical science, Immunology, Vaccines and Digital Applications will be further supported.
- 358.5 billion has been allocated in next year’s budget for innovation and technological development.
- In order to promote investment, both foreign and domestic direct investment will be facilitated. This will increase value addition, as well as enable technology and knowledge transfer. 350,000 direct jobs and 650,000 indirect jobs are expected to be generated. To this end, 23 regional Industrial Business Parks to be spread across the country, will be established, among others.
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