KAMPALA- The world bank said Uganda could dramatically overhaul its economy with the right management policies in place by the time oil starts flowing in 2018.
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The World Bank country manager for Uganda, said in a statement that If this resource is well managed, it could take the country a lot less time to achieve its national vision of attaining upper middle income by 2040,” Christina Malmberg-Calvo.Follow @newslexpoint
Country could pull in as much as $2 billion annually once commercial oil starts flowing in 2018.
The IMF’s Min Zhu said in the a statement that the structural reforms have lagged and need to be revitalized to enhance competitiveness, promote economic diversification, and foster sustained and inclusive economic growth.
The U.S. Energy Information Administration said Uganda holds an estimated 2.5 billion barrels of oil reserves. The Ugandan government estimates it could recover about half of that, but if production isn’t in full swing by 2018, however, the Bank of Uganda warned there may be long-term problems for the nation’s economy.
British exploration company Tullow Oil published a report in 2013 on its Ugandan developments. It said it has uncovered more than 1 billion barrels of oil in Uganda since operations began and most of that was in the country’s Lake Albert basin.
The bank’s report said that Once production begins, the World Bank estimates Uganda could bring in up to $2 billion per year in revenues. That revenue needs to be allocated in a way that’s transparent, equitable and accountable.
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