Bank of Uganda Governor, Emmanuel Tumusiime Mutebile

Bank of Uganda Governor, Emmanuel Tumusiime Mutebile, has once again come out to reject government’s policy commonly referred to as Buy Uganda Build Uganda (BUBU) saying the country risks jeopardizing its success in exporting to regional markets through such protectionist trade policies.

Mutebile said this in a speech read on his behalf at the ongoing 12^th Private Sector Foundation Uganda (PSFU) Trade facilitation expo 2017 by Bank of Uganda’s Deputy Director in Charge of Economic Research, David Sajjabi, at UMA exhibition hall.

He said that the proposal for BUBU if implemented to offer domestic products preferential treatment on the domestic market over the East African Community partners would be inconsistent with the East African Community Customs Union Protocol.

Mutebile argues that BUBU is inconsistent with the East Africa Community Customs Union Protocol which prohibits partner states from undertaking any administrative measures which discriminate in favour of its own producers at the expense of those of its partners.

However, government through BUBU states that the country cannot afford to put at risk access to the regional market through inviting retaliation to the local ill thought out protectionist trade measures.

Executive Director Private Sector Foundation Uganda, Gideon Badagawa

He pointed out that BUBU campaign is not compatible with an export promotion strategy but rather  promotes import substitutes.

However, the Executive Director Private Sector Foundation Uganda, Gideon Badagawa, said that the BUBU campaign cannot be stopped since similar policies exist in some of the partner East African countries like Kenya and Rwanda.

The post Mutebile disagrees with Uganda’s BUBU campaign saying its a risky protectionist policy first appeared on Uganda Multimedia News & Information.

The Deputy Governor at BOU, Dr. Louis Kasekende says the rumors are unfounded because Mutebile intends to serve his five year term for which he was reappointed in January 2011 to the full.

Kasekende says Mutebile is currently abroad on official duties on behalf of the Bank of Uganda.

In a media statement, Kasekende said Mutebile attended the general meeting of the bank of International Settlements in Basel at the weekend and is currently attending a conference at the University of Oxford.

Ultimate Media

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Emmanuel Tumusiime Mutebile

He says through the financial services they provide, financial institutions can play an important role in the development of Uganda.

He was speaking in Tuesday after Parliament approved the extension of his appointment ad=s Governor of Bank of Uganda for another five years to 2015.

Members on the Parliamentary Appointments Committee headed by Speaker Edward Sekandi said they were impressed by Mutebile’s achievements as governor.

MPs said they are particular happy about the macroeconomic stability and sound management of foreign exchange as well management of commercial banks under Mutebile’s leadership.

Weinformers Media

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