Depreciating shilling beyond control — Kasaija

By Samuel Sanya and John Odyek

After out-going minister Maria Kiwanuka handed over to new finance minister Matia Kasaija, they answered questions from journalists. Below are some of the questions that were asked.

(Kasaija) There are concerns over depreciation of the shilling due to imports being more than exports. What do you intend to do differently from your predecessor?
There are factors beyond the country’s control. The drop in exports and the depreciation of the shilling are because of issues in the international environment.

These are forces beyond anybody’s control.
However, the European economy is showing signs of recovery and I think exports will be able to pick up sooner than later. We hope the weather will improve so that we have a bumper harvest this year, but again, that is beyond my control.

The Government targets commencing oil production in 2017. Do you think the deadline will be met?

Everything in the oil sector is moving on schedule. Yesterday, when I met the energy minister, Irene Muloni, she said the people meant to construct the refi nery were about to sign the contract. We have issued production licences.

There is extensive work being done by companies like CNOOC at Kingfi sher (an oil well site). Two roads are to be worked on; one through Ntoroko (district) and another through Buseruka trading centre in Hoima.

What did you (Kiwanuka) not  achieve during your tenure?

I regret that project implementation has not been faster. Due to this, funds we have borrowed are not being absorbed on time.

There is need for holistic planning. For instance in the oil sector, the Government must plan for electricity, water and everything necessary to get the oil.

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