Suruma wins African minister award

Feb 10, 2009

FINANCE minister Dr. Ezra Suruma has been credited for maintaining a prudent financial policy and economic growth amid the global economic crisis.

By Sylvia Juuko

FINANCE minister Dr. Ezra Suruma has been credited for maintaining a prudent financial policy and economic growth amid the global economic crisis.

For his efforts, Suruma won the Finance Minister of the Year 2008 for Africa award from The Banker magazine, which is published by the UK-based Financial Times newspaper.

He received the award at a gala dinner at the Kampala Serena Hotel conference centre on February 9.
The award recognised people who had risen to the challenges of the financial crisis.

The publication said during Suruma’s tenure, the stable financial environment had allowed commercial banks to flourish.

“As a result of this stability, banks across the world have flocked to Uganda to set up operations,” the magazine said.

It, however, noted that the country faced soaring food and fuel prices.
“Despite this, revenues remained strong and credit to the private sector expanded at record pace, this is impressive,” it added.
But the magazine warned that the demand for the country’s exports, as well as foreign direct investment would reduce.

President Yoweri Museveni commended the minister, noting that the award was a recognition by financial observers of the country’s economic reforms that started in 1986.

“With a consistently good financial performance, the economy has recovered,” he said in a speech read by second deputy premier Henry Kajura.

The President said in the last financial year, there has been an inflow of about $1.2m from the private sector and the $476m remitted by Ugandans living abroad.

He said the Government would continue pursuing these policies, adding that areas that impeded private sector growth would also be improved.

Museveni said the gap in the infrastructure would be eliminated and productivity increased.
Suruma said he was humbled by the award.

“Achieving a balance between the private sector and the public sector is critical to the growth and stability of the economy,” he said.

“The social and economic policies we have pursued and the momentum we have gathered show that we are on the path to transforming Uganda,” Suruma added.

Central bank governor Emmanuel Tumusiime Mutebile warned that the country would be affected by the global economic recession that culminated from the credit crunch.

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