The key policy development that has enabled a more independent monetary policy environment was the discontinuation of automatic monetisation of the government's fiscal deficit since April 1997 through an agreement between the Government and the Reserve Bank of India in September 1994, marking a unique milestone in monetary-fiscal coordination.
I would like to begin by commending the World Bank for publishing the eighth edition in the series of Uganda Economic Updates, which over the last few years, have provided a valuable source of economic analysis for everyone with an interest in the Ugandan economy.