By Tumwine Byaruhanga
Finance Minister Henry Musasizi has met Bank of Uganda Governor Dr. Michael Atingi-Ego and senior officials from the Central Bank to discuss stronger coordination between fiscal and monetary policy.
The meeting was also attended by Deputy Governor Prof. Augustus Nuwagaba and other Bank of Uganda officials. Musasizi was accompanied by the Minister of State for General Duties, Ciccy Mulondo.
The Ministry of Finance and Bank of Uganda play complementary roles in macroeconomic management. The two institutions also have a memorandum of understanding that guides collaboration and information sharing.
The meeting focused on fiscal consolidation, prudent public spending and measures to support the effectiveness of monetary policy and macroeconomic stability.
The officials also discussed cashflow management and forecasting, clearance of domestic arrears and the capitalisation of the Central Bank.
Other areas of discussion included development of fixed income and financial markets, local currency bond market reforms and review of the primary dealer market maker system.
The two sides also agreed to strengthen measures against money laundering and terrorism financing, with the aim of avoiding Uganda’s return to the Financial Action Task Force Grey List.
Musasizi pledged to support Bank of Uganda in the execution of its mandate.
Bank of Uganda Governor Dr. Atingi-Ego said the Central Bank remains committed to a strong working relationship with the Ministry of Finance, based on transparency, policy alignment and respect for the mandates of both institutions.
“We will safeguard macroeconomic stability and advance sustainable inclusive growth for Uganda,” the Governor said.
