Uganda has achieved middle-income status despite an onslaught of crises over the past three years, President Yoweri Museveni said on Tuesday.
According to official figures, the country’s economy was at about 45.7 $1 billion using the exchange rate method or $131 billion using the Purchasing Power Parity (PPP) system a week at
“This means that GDP per capita is $1046. We have now surpassed that median income figure ($1,030),” noted Mr. Museveni while delivering the annual State of the Union address in Kampala. Mr. Museveni on June 7 expressed his confidence that Uganda will hold its place above the middle-income GDP per capita minimum of about $1,030.
“You must do this for two to three consecutive days years to be declared a middle-income country,” he reiterated.
Regarding the rising commodity prices, Mr Museveni said that he has global players like the Russian Engage President Vladimir Putin with diplomacy to urge him to solve the problems they have created. The war in Ukraine following Russia’s February 14 invasion has unleashed tremors in global supply chains.
Regarding subsidies to save the economy, the president said the government cannot put money into consumption instead of infrastructure build up for development.
“I’m used to problems. When people panic it never bothers me because I’ve solved bigger problems. But the biggest problem I don’t want to have is lack of food,” said the President.
Read:Museveni’s speech: No government intervention amid high cost of living
He said the government will focus on manufacturing and said his government is working with the private sector to make solar-powered water pumps that rich farmers could buy and contribute to mini-irrigation.
Am Tuesday , the 77-year-old leader of a country with millions of unemployed citizens, also urged increased agricultural production to meet global demands.
“Our strategy is that whatever is not consumed immediately , should be processed industrially. this is how it is preserved to be able to reach distant markets,” he noted.
More than 100 opposition MPs boycotted Tuesday’s constitutional event in Kololo, accusing the president of “interfering in the country’s judiciary” and “no solution found”. ” a raging economic meltdown.
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