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Uganda's economic growth should reach 6.5pc, IMF says KAMPALA: Investments in infrastructure should help raise Uganda's economic growth to about 6.5 percent in the coming years from 5 percent in the last fiscal year, the International Monetary Fund said on Monday. "Growth is expected to gradually return to its potential of about 6-6.5 percent," the IMF said. "Authorities will continue their plans to scale up public investment the completion of these projects should reduce infrastructure bottlenecks and support growth." In May, the IMF said Uganda's economy would expand at 5.8 percent in the current fiscal year, which ends in June 2016. The country is developing two hydro power dams expected to produce 780MW between them. Plans are also underway to build a $2.5 billion, 60,000-barrel-per-day refinery to help process its crude reserves. A Chinese-funded highway connecting the capital, Kampala, and the country's sole international airport, Entebbe, is also under construction. Potential hurdles include inflation, which has surged as ...

Chile president declares huge Easter Island marine reserve VIÑA DEL MAR: Chilean President Michelle Bachelet opened an international conference on the protection of the oceans Monday with a pledge to create huge new marine reserves around Easter Island in the Pacific.To warm applause from delegates from around the world, Bachelet said her government would work with indigenous Rapa Nui to protect their waters from illegal exploitation while preserving their ancient fishing traditions.Copyright AFP (Agence France-Presse), 2015

Greece to unveil painful 2016 draft budget ATHENS: Greece will unveil a painful 2016 draft budget on Monday meant to satisfy international creditors, projecting the economy will stay in recession next year before returning to growth in 2017, in line with the estimates by the country's lenders. After seven months of heated negotiations with its EU/IMF creditors, Athens agreed in July to implement spending cuts and economic reforms in exchange for an 86 billion euro bailout that kept it in the euro ...

Oil exports from north Iraq rise to 600,463 bpd in September ERBIL: Oil exports from northern Iraq rose in September to an average of 600,463 barrels per day (bpd), the Kurdistan region's ministry of natural resources said on Monday. That represents an increase of around 127,000 bpd from August, when exports were hit by repeated sabotage of the pipeline carrying crude to Turkey's Ceyhan port from the autonomous Kurdistan region and Kirkuk fields. Exports via the pipeline to Turkey have steadily increased this year, but since ...

TPP trade talks head into Monday ATLANTA: Talks on the ambitious Pacific free-trade treaty were extended again to Monday as they remained bogged down especially in differences over international dairy trade.A US trade official said plans for a press conference expected to announce a deal on the 12-nation talks late Sunday were cancelled, though he gave no reason.The official said nearly all outstanding issues had been dealt with, and that the negotiators were just completing details and reviewing the lengthy draft ...

Hong Kong former leader charged over corruption HONG KONG: Hong Kong's former leader Donald Tsang was on Monday charged with misconduct during his time in office, the latest high-profile corruption case to hit the city. Tsang ended his term in disgrace in June 2012 after admitting to accepting gifts from tycoons in the form of trips on luxury yachts and private jets, but insisted there was no conflict of interest.He has since been under investigation by the city's Independent Commission Against Corruption ...

Greek lawmakers elect new speaker ahead of key debate ATHENS: Greece's former interior minister Nikos Voutsis was elected parliament speaker on Sunday as lawmakers geared up for a crucial debate on the Syriza government's reform programme.Prime Minister Alexis Tsipras, fresh from his election win last month, said on Saturday he wants to move fast with the country's massive new bailout deal but warned that difficult decisions lay ahead.A three-day parliamentary debate on the government's new economic policies will begin Monday, culminating on Wednesday with ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln