By Titus Kakembo and Agencies
Contrary to earlier perceptions that Uganda was cushioned from the effects of the global crunch, those depending on remittances from abroad are already feeling the squeeze.
The World Bank says remittances from the Gulf Arab region, the lifeblood for millions in the developing world, could decline by 9% in nominal dollar terms this year, compared with a rise of 38% last year. Global remittance flows stood at $283b last year, up 7% from the year before.
In the last budget, remittances from Ugandans working abroad were estimated at $1,392m in the financial year 2007/08 up from $646m in the financial year 2006/07.
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