HiPipo Money

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30th September 2014

Madam Speaker,

Honorable members,

I wish to take on this opportunity to thank you Madam Speaker and Honorable Members in approving my appointment as Prime Minister.

I wish to also thank His Excellency the President for the trust and confidence in appointing me as Prime Minister.

Let me take this opportunity to thank my predecessor, Ndugu Amama Mbabazi, who has served very well as Prime Minister of the Republic of Uganda for the last 3 years.

As you well know, the duties of the Office of the Prime Minister are well defined.

I will be focusing on implementation of the NRM (Movement) Manifesto, the National Development Plan and the coordination of Government programs as approved by Parliament. 

Our focus will be on implementation of the many infrastructural projects underway and we will continue to prioritize improved service delivery to the people. To that end, I wish to reiterate that it is our collective responsibility to ensure that our population access the essential services that they are duly entitled to such as health and education among others.

In order to address the problem of poverty and youth unemployment, promotion of private sector investments and job creation must remain a top priority. We must also focus on modernization of agriculture, industrialization and value addition as key pillars of our transformation program.

Let us intensify our collective effort to combat corruption, a vice that has plagued our society and still remains a challenge. Greater emphasis will be placed on accountability and transparency in managing public affairs.  This is a responsibility of Government, the Opposition and of every Ugandan citizen.

Our country has had a difficult history; one scarred with wars, disease and natural calamities, to which so many lives have been lost.  Through struggle and sacrifice, Uganda has since emerged out of this difficult period and is now playing a vanguard role in promoting regional security and socio-economic development.

As I take on this new responsibility, I take it on fully aware of the hard times, struggle and sacrifice that Ugandans have gone through, however, Our nation has also attained significant achievements, promising great opportunities and bright future.

I call upon all honorable members of this this August house and our fellow citizens, to collectively consolidate these achievements as we work together in advancing Uganda’s transformation agenda. 

I thank you Madam Speaker, and I say this for God and my country.

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M-Net and Endemol SA are pleased to announce that due to recent developments, Rwanda has now been re-instated as a participating country in Big Brother Hotshots.

The re-instatement is as a result of the delay in production which led to adequate time being available to process the necessary documentation for the housemates to participate in the reality show. We would like to thank Rwandans and fans across the continent for their patience throughout this process.

We wish Rwanda a spectacular debut onto Africa’s biggest reality show and in the build-up to the launch, fans can look forward to more housemates being revealed in anticipation to Big Brother Hotshots hitting the screens on Sunday 5 October.

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Mauritius has been ranked first in the Ibrahim Index of African Governance (IIAG) 2014 for the eighth consecutive year. Among the 52 countries rated by the Foundation, Mauritius scored the highest overall mark of 81.7 points. Cabo Verde was second with 76.6 points, with the average score for the continent being 51.5 points.
 
The Ibrahim Index of African Governance (IIAG) provides an annual assessment of the quality of governance in African countries. Compiled by combining over 100 variables from more than 30 independent African and global institutions, the IIAG is the most comprehensive collection of data on African governance.
 
Commenting on the ranking, Mr.DevManraj, Financial Secretary of the Republic of Mauritius said “It is indeed with great pride that we welcome the MO Ibrahim report on Governance and we are pleased that Mauritius again tops the ranking for the eight consecutive years. Today’s announcement shows that Mauritius continues to lead Africa in terms of its high governance standards and that we have significantly improved our performance in public management, on the business environment and in providing sustainable economic opportunities.  I am confident that this announcement will further enhance the position of Mauritius as a secure, transparent and trusted environment for FDI and also as an ideal platform for outward investments into Africa”.
 
According to Mo Ibrahim Foundation, Mauritius also ranked first in Africa for Sustainable Economic Opportunity business environment, a category which assesses whether the state provides the conditions necessary for the pursuit of economic opportunities that contribute to a prosperous and equitable society. It also measures the delivery of sound economic policies and the provision of a sustainable economic environment that is conducive to investment and the operation of a business.
 
Mauritius also ranked first in Human Development, a category which evaluates the success of the state in securing the well-being of all of its citizens. It measures the extent to which the government provides citizens with social protection, comprehensive education provision and a healthy life.
 
IIAG was established in recognition of the need for a robust, comprehensive and quantifiable tool for civil society to track government performance in Africa. It is Africa’s leading annual assessment of governance established to inform and empower the continent’s citizens and support governments, parliaments and the civil society to assess progress.

Tanzania was ranked in position 15, two places ahead of Kenya, while Uganda was listed in position 19.

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“The economic reforms that have taken place thus far are courageous, ambitious and impactful,” said El-Khazindar, “but they must be supplemented with a comprehensive vision that will set the framework for long-term growth”

Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings (CCAP.CA on the Egyptian Exchange, formerly Citadel Capital), a leading African investor in infrastructure and industry, gave the opening keynote speech at Al Mal’s 10th annual Money & Finance Conference. 

“During the past three months we have witnessed the implementation of an ambitious set of long-overdue reforms that have already had a positive impact on the economy,” said El-Khazindar. “In the next period we can expect to see a gradual shrinking of the budget deficit which is an important early indicator for both local and international investors of where things are headed,” he added.

El-Khazindar also noted that the removal of energy subsidies and the  liberalization of the energy sector in general, which will allow private sector participation, was a particularly encouraging step that will be of benefit to the country on multiple levels. 

“Egypt’s production capacity has been suffering tremendously during the past period because of limited energy supplies. If we look at the cement sector as a case in point we can see that Egypt’s cement capacity went down from 50 million tons per annum to c. 30 million tons because factories did not have access to fuel,” said El-Khazindar. “Allowing the private sector to import coal and natural gas will improve the efficiency of our industrial sector across the board and that alone will translate into growth before we even begin to factor in the impact of new investments.”

The challenge according to El-Khazindar will be moving beyond the short-term growth that is largely the result of a rebound effect to sustainable long-term economic development that will result in a tangible improvement in the standard of living for all Egyptians. 

“Long-term growth will only be possible if we have an integrated vision with clearly communicated goals and a plan to minimize the negative impact of fiscal reforms,” said El-Khazindar. “Raising taxes was a must but the next step is coming up with a way to move the informal sector into the real economy so that they can start paying taxes. Putting a cap on public sector salaries was necessary but we have to keep in mind that without competitive salaries we compromise our ability to attract high caliber employees.”

Regarding the negative impact of energy subsidy removal, El-Khazindar noted that a proper social welfare system must be put in place whether it’s the further activation of smart cards or conditional cash transfers for those in need.

Qalaa Holdings executives Mohamed Shoeib, Managing Director and Head of the company’s Energy Division and Amr El-Garhy, Managing Director and Head of Agrifoods and the Corporate Finance and Investment Review Function also participated in panels on managing Egypt’s energy needs and tapping into new sources of financing. 

Qalaa Holdings has undergone a transformation process that has seen it develop from a private equity model to an investment holding company with a focus on the core industries of energy, cement, agrifoods, transportation & logistics, and mining. The new structure gives the company the leeway to hold investments longer and thus create more value for both shareholders and the regional economies in which it invests.

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MTN Uganda has successfully completed the Mobile Money upgrade. The system is currently being stabilized to handle the surge of traffic as customers were unable to transact during the period of the upgrade- this is causing intermittent service interruption to the system but will improve as the backlog is cleared.

We thank our customers for their continued patience during this period.

MTN Management