/ 15 December 2000

UGANDA WON’T MEET GROWTH TARGET

UGANDA’S economy is unlikely to meet its growth target of seven percent in 2000/01 in the wake of a depreciating shilling and persistent drought, the head of Uganda Manufacturers’ Association (UMA) said this week. By October the shilling had depreciated 21.1% against the dollar compared with a year ago, to a monthly average of 1,826 to the dollar from 1,508 in October 1999. – Reuters