Uganda Assumes Role of Co-Chair of the Coalition of Finance Ministers For Climate Action

Uganda will co-chair with the Netherlands. The Minister of State for Finance in charge of General Duties Henry Musasizi on behalf of the Government of Uganda received the co-chairmanship role from Sri Mulyani Indrawati, the Finance Minister of Indonesia, the outgoing co-chair.

“We deeply appreciate the trust placed in us and we are committed to advancing our shared climate and economic goals,” said Musasizi.

He said Uganda’s central focus during its co-chairmanship will be adaptation.  “We believe adaptation efforts are not just necessary for resilience but are also key to unlocking economic opportunities,” said the Minister.

Meanwhile, Finance Minister Matia Kasaija recently chaired a meeting of the steering committee for the implementation of the national financial inclusion strategy [2023-2028] to review progress made.

The Committee is comprised of the Governor Bank of Uganda and Executive Directors of Financial Intelligence Authority, Uganda Microfinance Regulatory Authority, Insurance Regulatory Authority, Uganda Retirement Benefits Regulatory Authority, Capital Markets Authority and National Identification and Registration Authority.

The aim of this strategy is to provide universal access to quality, affordable and sustainable financial services for all Ugandans. The target of the strategy is to achieve at least 85 percent financial inclusion by 2028.

Kasaija said this target is critical for building a resilient financial sector and also driving Uganda’s broader economic growth.

According to the latest Finscope Survey 2023, overall financial inclusion has reached 81 percent with more Ugandans having access to financial accounts, use of digital payment systems and credit to support their livelihoods and businesses.

The challenges identified to be hindering progress which must be addressed include: low levels of savings, limited access to affordable credit and development finance as well as high lending rates.

The Minister called upon Ugandans to embrace Gov’t programs aimed at improving financial inclusion such as the Parish Development Model [PDM], Emyooga and Generating Growth Opportunities and Productivity for Women Enterprises [GROW]  Project.

https://thecooperator.news/finance-ministry-releases-over-shs-500bln-for-pdm/

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