VIDEO: Museveni transforming Uganda’s economy- Magufuli

Tanzanian President, John Pombe Magufuli has said his counterpart Yoweri Museveni is doing a tremendous job in transforming Uganda’s economy.

Magufuli made the statements during Museveni’s visit at his country home in Chato, Geita Region in Northwestern Tanzania.

Museveni who was traveling from Angola, made a stop in Tanzania reportedly to visit Magufuli’s ailing mother. The two then held a mini rally at Chato airstrip, before meeting briefly at the latter’s country home.

Following the meeting, Magufuli praised Museveni whom he said is ‘a brother and indeed, a true friend. Flying all the way from Angola just to come here to Chato is a show of the love he has deep in his heart for Tanzania. I am very honoured.’

“Likewise, Ugandans and Tanzanians are brothers and sisters, our relationship should not about talking, but working together to transform our economies.”

Magufuli also said that under Museveni’s guidance, Uganda has made serious strides towards economic growth.

“Under the guidance of President Museveni, Uganda’s economy has grown tremendously and this is the fact. If there are estimates of economies that are growing at a fast rate in Africa, Uganda is of course among them.”

The Tanzania president said that he is aware there are Ugandans who do not agree with these specific statistics but that is up to them.

“There are Ugandans who do not agree, that is a section of them but the fact is, you can not argue with the rate at which Uganda’s economy is moving forward.”

“The Tanzanian economy is also moving at a good rate, with inflation at single digit. This means that if all our countries are growing at a good rate, it is important that we work together so we grow even better,” Magufuli added.

According to the Uganda Bureau of Statistics (UBOS), Uganda’s economy has expanded by 6.1 per cent, which is an upward revision by 5.8 per cent estimated the previous year where the economy grew by 3.7 percent.

Inflation also reduced from 3.7 percent to 3.7 percent in 2019, while the private sector credit increased by 1.3 percent.

According to Bank of Uganda statistical report, Uganda ranks significantly amongst countries with a high economic growth projection. Only China (6.5 percent) and India (7.5 percent) are estimated to grow faster.