By Frank Mugabi in Arua
UGANDAâ€™S central bank reserves have grown to an all-time high of over $2.4m (about sh45b). This places Uganda among the best performing countries in sub-Saharan Africa, the finance state minister in charge of general duties, Fred Omach, has said.
The Government can procure imports to sustain the country for five months using the reserves. â€œThere are countries which canâ€™t manage doing that even for half a month. We are like a husband who can provide for his family with his savings during the time when he lacks a job,â€ he explained.
He said it was one of the reasons Ugandaâ€™s economy was recently given a B+ rating by two international research bodies. Omach was speaking at the West Nile leadersâ€™ review of the international conference on population and development that was held at Arua Catholic Centre last Friday.
He said Uganda was among the only six African countries allowed to spend donor money according to local priorities.