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Byline: Martin Luther Oketch
Bank of Uganda has forecasted a likely weak Balance of Payment throughout the 2010/11 fiscal year due to declining aid inflows and the weakening current account.
Addressing journalists last week, Dr Adam Mugume the BoU director of research, said the weak BoP is a result of low export commodity earning, which has rebounded on the international market as trade returns to pre-crisis levels. The reduced earnings from commodity exports will lead to weak acurrent account, which Dr Mugume said currently stands at 8 per cent of the total GDP excluding grants.
The current account deficit occurs when a country's total imports of goods, …