Uganda: Museveni, Mutebile clash over jets cash
15.06.2011
The Governor of the Central Bank says President Museveni’s erratic policies and the government’s fiscal indiscipline have led to higher inflation and declining foreign reserves, a UK-based newspaper reported. Mr Emmanuel Tumusiime-Mutebile told the Financial Times newspaper that he had disagreed with Mr Museveni over the decision to spend $740 million on jet fighters, which has pushed reserves down from six to four months of import cover. The Ministry of Defence, under President Museveni’s directive, withdrew a reported $400 million (Shs960 billion) from the Central Bank to pay for the fighter jets without parliamentary approval.