Metro

Ugandan President Museveni blames ‘foreign powers’ for country’s high cost of living

Published

2 years ago

May 24, 2022

The President of Uganda, Yoweri Museveni, has blamed the high of living being experienced in his country on ‘foreign powers’ who have caused an ‘artificial problem leading to the higher cost of products’ in the East African country.

In the past six months starting from November last year, Ugandans have been forced to spend higher amounts than normal for basic necessities like fuel, food items, among other commodities.

But while addressing the country on Monday in a nationwide broadcast on how to survive the high cost of living, President Museveni accused European countries as being responsible for the scarcity.

The President advised the people that it was time to stop depending on those he called “mistake makers” in “Europe, the United States and Russia who have caused the high prices.”

“The Russians have blockaded the Ukrainian ports. And I hear within the ports, there are 25 million tons of wheat, the petroleum, and even the fertilizers,” he said.

“Remember, the fertilizers are also a problem because they are produced by Russia, I hear. If these people, if they are a bit humble. … We need to advise our friends, the bazungu (whites) to please, find other ways of how to solve these problems.”

Museveni also dismissed calls for him to cut taxes on commodities such as fuel, saying such cuts will have a ripple effect on the economy which will only cripple it.

As a solution, Museveni urged Ugandans to be frugal in their purchases of imported goods, stop depending on “rainfall agriculture,” increase production and use locally made materials.

Museveni added that Ugandans will need to be patient until the country starts its own oil production in 2025 for prices to go down, which may also decrease the cost of living.

Related Topics:Cost of Living Economy Featured President Yoweri Museveni Uganda

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

17 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

2 days ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.