Riyadh, Kingdom of Saudi Arabia, 28 April 2024 - At the Islamic Development Bank Group’s (IsDB) Annual Meetings, Uganda's pursuit of a sustainable economic path amidst challenging global conditions was one of the discussion topics.

Ugandan Minister of Finance, Planning, and Economic Development, H.E. Matia Kasaija, who also serves as the IsDB Governor of Uganda, took center stage in a one-on-one dialogue, shedding light on the country’s strategies for prudent debt management and economic resilience.

During the interview, H.E. Kasaija addressed the intricacies of navigating high global interest rates and outlined the government's approach to ensure economic sustainability. "Our commitment to fiscal responsibility is unwavering in the current financial climate," he asserted. "We have instituted a multipronged strategy that includes bolstering vital infrastructure to enhance trade and connectivity - expanding our road network and advancing railway development are key components of this plan," he added.

In subsequent remarks, H.E. Kasaija elaborated on the strategic deployment of resources and the fostering of industrial growth. "We are mindful of the pivotal role our natural resources, like our newly discovered oil, play in the economy. It is imperative that we leverage these assets responsibly," he continued. "Simultaneously, we are creating an ecosystem that supports industrial expansion and job creation, recognizing the urgency of integrating our youth into the workforce."

Discourse during the session homed in on actionable policies to reinforce Uganda's debt sustainability, focusing on risk mitigation, improved debt management practices, and viable debt repayment frameworks.

The insights uncovered during this dialogue highlighted Uganda’s proactive stance in dealing with economic hurdles and emphasized the importance of international cooperation, including that of IsDB, to bolster Uganda’s endeavors towards achieving long-term economic stability and growth.

About Islamic Development Bank (IsDB) Group

Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank of the Global South that has been working for 50 years to improve the lives of the communities it serves by delivering impact at scale. Guided by the principles of Islamic finance, the Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries.  Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).

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