Lack of these, means high costs for doing business and this scares away business even from the Ugandan Diaspora. Without business, there is no employment, no production of goods and services, no expanding of the tax base, etc. It is a vicious cycle. Another bottle neck is weak institutions; which is combination of low human capital, infrastructure and political rent seeking and political patronage.
A press release setting out a comprehensive description of the new tender procedure will be issued during the course of next week. Turning to today’s other meeting, the General Council considered public finance developments in the EU. The General Council also carried out its first annual review of the functioning of the ERM II, in accordance with Article 16 of the ERM II Agreement.