Covid19: Museveni Optimistic Economy Will Not Suffer

Despite the emergency of COVID 19 pandemic that has slowed down the economies of world powers such as China, the United States and the European Union, President Museveni is optimistic that Uganda’s economy will not be badly hurt.

Museveni last night acknowledged that some sectors of the economy such as Tourism will suffer due to limited number of tourists coming into Uganda, but added that other sectors such as manufacturing will flourish.

While addressing the nation about COVID 19 pandemic at State House Nakasero the President lashed out at a section of Members of Parliament who have been projecting doom for Uganda’s economy.

“I don’t agree with that line which I saw some people pushing in Parliament of too much pessimism; economy is going to suffer. I don’t agree with that line. Yes, some of the sectors will suffer (Tourism, music, night clubs) will suffer but farming will not suffer. I have not heard COVID is killing the cows or coffee,” said Museveni.

“Actually now we are going to do more manufacturing because the other slavery of depending on imports, you have seen the danger. When there is danger, people care about themselves. They manufacture for themselves. They don’t manufacture for you. Fortunately, we have basics, we have electricity, we have the demand and we can easily import these machines. So what people should be talking about is for instance putting more money in UDB so that local manufacturers who want to manufacture can borrow soft money from that and start manufacturing.”

 

The president says he was informed by the Minister of Trade and Cooperatives Amelia Kyambadde that 11 factories have been authorised to produce sanitizers and another 14 are on the way.

“So how can you say that that sector (manufacturing) has not grown. What sort of Economics are you talking about? Yes, tourism has suffered but this one (manufacturing) has grown.” So I don’t buy the other pessimism of economy is going to suffer.”