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Tuesday, 01 June 2010 09:39

Uganda to Get $2 Billion from World Bank

By David Mugabe
KAMPALA, Uganda, (June 1)
— The World Bank, through the International Development Association (IDA), will commit $1.97b to support the recently launched National Development Plan (NDP) for the next five years.

 

The sh54 trillion NDP project is expected to transform Uganda from a peasant society to a middle income country by 2015.
IDA is the World Bank's arm that lends to poorest countries. The announcement follows a discussion by the World Bank executive directors on Wednesday on a new Country Assistance Strategy (CAS).

 

A statement from the bank says the five-year CAS will succeed the Uganda Joint Assistance Strategy which has been the avenue of cooperation.

 

"The new strategy is a window of opportunity for Uganda to lay the groundwork for effective and transparent management of its future oil wealth, improve service delivery and infrastructure bottlenecks that would impede future growth," said Kundhavi Kadiresan, the World Bank country manager, in a statement.

 

Hinged on four pillars, the new strategy will support government efforts in promoting sustainable economic growth.

 

The bank's directors, however, urged the Government to put in place measures "to avoid the oil curse."
They emphasised the importance of strengthening governance, noting that oil revenues can increase corruption.

 

The bank commended Uganda for successfully maintaining macroeconomic stability, leading to impressive growth over the past two decades.
"Uganda still faces big challenges in accelerating structural transformation, including sizable infrastructure constraints, high population growth, regional disparities and weaknesses in governance and service delivery," read the statement.

 

The directors, according to the statement, called for more efforts in domestic revenue mobilisation, private sector participation, more commitment to gender issues and governance.

 

Government institutions, civil society organisations, the media and the private sector were consulted during the preparation of the new strategy.

 

 

 
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