I would like to spend just a few minutes to describe the progress that has been made in three key areas: supervisory capability and approach, regulatory standards and powers and, finally, regulatory philosophy, including the role of enforcement. And then let me just mention one final loose end from the CAG’s Special Report 72, which relates to auditor assurance statements.
Closure of their subsidiaries operating in Uganda would have adverse effects on employment, demand for domestically produced inputs, asset quality of banks for those accessing domestic credit, taxes etc. At the policy level, monitoring of such large multinationals has been increased. As a result of these developments, Uganda's overall economic growth this year and next is likely to be lower than in recent years.