Browsing: World Bank (WB)

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Digital Transformation

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Kenya's president Ruto

Kenya’s President William Ruto has asked his Cabinet Secretaries to act fast to deliver on his administration’s development programmes, “with speed and efficiency”.

“We made important promises to the people of Kenya, especially those at the bottom of the economic pyramid. And we must deliver,” the president said.

According to Ruto, there are no excuses not to deliver his mandate adding that the government must work as a team and drive the interests of the people.

He was speaking at a cabinet retreat on the implementation of the government’s development priorities for 2023.

In the run up to the August 2022 General Elections, Ruto gave a number of promises under his bottoms-up economic plan.He unveiled a five-point manifesto dubbed ‘The Plan’, which he said would address Kenya’s economic challenges.

Economic recovery in a post-Covid era was one of his main objectives. Ruto also pledged to invest at least Sh250 billion …

Uganda’s economy must grow faster- World Bank.

Uganda will find itself with a crisis of more workers than jobs unless the country’s economy grows faster than its current pace world bank report says.

According to “Uganda: Jobs strategy for inclusive growth” a new World Bank report released early last week, Uganda has seen more than 300,000 additional workers enter the job market per year between 1992 and 2014. Between 2030 and 2041, the number is set to rise to over one million annually.

The report said that With the country’s growing population, an economic transformation that will create jobs creation requires faster urbanisation with industrialisation, which should start with the developing commercial agriculture.

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The agricultural sector in Uganda accounts for around 80 per cent of the annual export earnings and employs nearly 82 per cent of the workforce.

Three-quarters of young Ugandans entering the labour market work in agriculture …

Uganda's 7% projected growth too ambitious, World Bank

The World Bank told Uganda’s government to stop giving unnecessary tax exemption because they are eroding a huge tax base that would otherwise have huge returns.

A study conducted by George Town University, presented during Economic Growth Forum in Uganda last year indicated tax incentives cost Ugandan taxpayers between about $8.9 billion and about $12.9 billion or 2 per cent of GDP annually.

The World Bank said this, has denied Uganda an opportunity to increase the country’s tax ratio to the GDP, which remains low compared to other countries in sub-Saharan Africa and East Africa.

Speaking in Kampala on Wednesday, the World Bank senior country economist, Mr Richard Walker said Uganda’s fiscal policy is constrained by low revenues and slow execution of capital spending.

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“At 12.6 per cent of GDP, it is far below government’s medium-term revenue target and compared to …