Kaudha Aliziki Lubega, the executive director for macro economics and statistics at Uganda Bureau of Statistics (Ubos), recently inaugurated the National Balance of Payments (BOP) Committee, boosting the country’s capacity to gather data.
Speaking at the ceremony at Sheraton hotel Kampala recently, Lubega emphasized the importance of stakeholder involvement, stating that the committee fosters a forum for deliberation.
The committee comprises key institutions such as Ubos, Bank of Uganda, Uganda Revenue Authority, and aims to enhance collaboration in producing BOP/ International Investment Position (IIP) statistics. The key objectives of the committee involve coordinating, collecting, and compiling accurate BOP/IIP statistics, promoting cooperation, capacity building, and adhering to international standards.
Milly Isingoma Nalukwago from Bank of Uganda said that “monitoring of the balance of payments statistics is key in monitoring the status of our country’s income.”
Isingoma pointed out that some laws make it hard to compile balance of payments statistics. She suggested for an amendment of the laws.
Emmanuel Semambo, the director of Statistics at Bank of Uganda, assured adherence to international standards in compilation BOP statistics. He also stated that the first inaugural meeting of the Balance of Payments Committee is scheduled for the first quarter of 2024.
The balance of payments statistics for Uganda from 2019 to 2022 indicates a deficit in the current account balance, reflecting challenges in trade balances.
Source: The Observer
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