UPDATES
http://www.idr.co.ug/dfwa-u/gallery.htm
Review finance policy
Central Banks in most countries are responsible for the nation's currency stability. Currency is purchased and sold in the open market. Interest rates are either increased or reduced in the currency market in accordance with economic forces.
On the other hand, revenue collection and disbursements in any nation is entrusted to the ministry of finance. And never does a ministry of finance engage in the role of currency management.
The above being cardinal principles, the point therefore is, should a central bank arbitrary deduct a portion of commodity sales proceeds, remitted through a central bank before passing funds for the credit of customer's commercial bank account?
The present policy of free market economy is responsible for poverty in the villages. The World Bank and IMF should know very well that some industrial products and commodities cannot freely be imported into Europe and America. That being the truth in Europe and America, how will Uganda and other developing countries ever establish sustainable industries to compete with those established decades in developed countries?
It is unfair to impose the conditionally of free market economy based on globalization as a requisite for lending development project funds to poor countries to get us out of poverty..
Unless cotton and coffee price assistance funds are re-established, poverty and economic instability in villages shall continue. My appeal to government therefore is:
To re-establish the coffee and cotton price assistance funds.
Refund Shs 3.4 billion and Pounds Sterling 6 million to BCU Ltd.
Review the policy of free market economy, which has hot and will never assist Uganda to effectively establish local industries but only used as dumping around for products from industrially developed countries. The globalization hype will never get infant industries in developing countries to compete favourably with industries established in developed countries. The conditionalities to lend us money will never assist Uganda to take off
W.G. Wanendeya,
Kampala.
__________
bwanika
url: www.idr.co.ug
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