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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 ...

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 ...
French budget cuts taxes, aims to bring down deficit PARIS: The French government unveiled its 2016 budget on Wednesday with a plan to reduce taxes while also cutting its public deficit, with an eye on the presidential election the year after.Income tax will be cut by two billion euros ($2.23 billion) in 2016, in line with President Francois Hollande's promise last month to cut taxes "whatever happens".Hollande introduced around 18 billion euros of tax rises at the start of his presidency in 2012, with ...
German unemployment steady at historic low in September FRANKFURT: German unemployment remained at historically low levels in September as the recovery in Europe's biggest economy remained on track, data showed on Wednesday. The German unemployment rate -- which measures the jobless total against the working population as a whole -- stood at 6.4 percent in September, unchanged from August and the lowest level since west and east Germany reunited in 1990 after the fall of the Berlin Wall the previous year, the Federal ...
US home prices flat in July WASHINGTON: US home prices growth remained essentially unchanged in July as the strong housing market continued to give steady support to the US economy, according to private data released Tuesday.The S&P/Case-Shiller 20-city price index, covering major US metropolitan areas, rose 5.0 percent year-over-year in July, the same as in June. On a monthly basis, prices slipped 0.2 percent from July."Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid ...


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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