The International Monetary Fund has reportedly called on government to carry out reforms at Bank of Uganda.
The recommendations are contained in a report on the current situation in the Central Bank. Among the recommendations is that none of the current top managers including Governor Tumusiime Mutebile whose contract runs out in Janaury next year and former Deputy Governor Loius Kasekende whose unceremonisouly left BoU after his contract run out in early Janaury and was nor renewed should be considered for redeployment at BoU.
It is understood that Kasekende who signed out of BoU after not hearing from the appointing authority President Yoweri Museveni on contract renewal despite serious lobbying has not given up hope of being returned to the bank and is still lobbying as his ulmitate aim is to become Governor when Mutebile’s contract runs out next year.
“It is true, there is a report and apart from a copy that was given to the president, the governor has a copy and yet to make it official at the board level. However, those close to the governor say it recommends for a complete overhaul of the current establishment including the governor himself,” a source within BoU was quoted.
The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.
The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.
The IMF report adds its voice on the report from Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that recommended not reneweing both Mutebile’s and Kasekende’s contracts after a probe into the closure of seven commercial banks.