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Economy to expand by 6.2 percent in 2014 - MuseveniPublish Date: Jan 01, 2014
Economy to expand by 6.2 percent in 2014 - Museveni
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KAMPALA - Uganda's economic growth should accelerate to about 6.2 percent in the 2013/2014 financial year, helped by greater electricity supply, President Yoweri Museveni said in his annual New Year message.

Uganda is on the cusp of a petrodollar-fuelled boom after commercial hydrocarbon deposits were struck along its border with the Democratic Republic of Congo (DRC) in 2006. Production is seen commencing in 2016 at the earliest but the government is investing heavily in infrastructure including dams and roads.

"The projection for this financial year is that our economy will grow by 6.2 percent," Museveni said on Tuesday.

His forecast was in line with that of the International Monetary Fund, which on Monday projected 6.25 percent economic growth for 2013/14, driven by heavy public investment.

In its budget reading in June the Ugandan government had forecast 6 percent growth in 2013/2014 (July-June), up from 5.8 percent last year.

Museveni cited better electricity supply as a key factor in fuelling faster growth, pointing out that scarce and costly electricity had historically hobbled growth in east Africa's third-biggest economy.

He said his government was keen on fixing bad roads and building modern railways to reduce the cost of doing business.

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