The panelists and dfcu Bank MD Mathias Katamba pose for a photo with Hon. Amelia Kyambadde DFCU Bank customers have this morning spent time discussing how their businesses will survive the global COVID-19 (Corona Virus) outbreak.
The engagement comes at a time the viral disease is taking a toll on world economies, with some markets experiencing the worst financial plunge since the 2008 financial crisis. As the human cost of the outbreak continues to rise, the economic cost also continues to mount as well.
Speaking during the engagement DFCU Bank Chief Executive Officer, Mathias Katamba revealed that some of the Banks business partners are starting to feel the effect of the outbreak considering China’s position in the global supply chain.
“In the financial sector in Uganda, we are yet to feel the actual effect, but we know that some of our partners in the hospitality, tourism, logistics and aviation sectors are quickly feeling the impact. It is estimated that the worldwide aviation industry will lose up to $113 billion this year. As the crisis disrupts global value chains, which are essential for economic growth, there is need for companies to focus on preparedness and response to risk,” said Katamba. He added, “Business Leaders should take initial steps now to monitor and prepare for the impact on their operations. We need to deploy short-term strategies to become more resilient and make longer-term considerations that will reconfigure supply chains to protect against risks.”
Delivering the key note address, Mr. Francis Kamulegeya the Managing Partner, PwC advised businesses to demand for policies that will work from key stakeholders like government, URA and other Banks.
“The common consensus is that the coronavirus crisis will get worse before it gets better. For Uganda, there will be negative economic side effects because most of the markets to which we export have been substantially affected. The trade and retail sector which is a key aspect of our economy will be widely impacted by the coronavirus. We must accept that doing nothing is not an option. The business community and the government must work together to mitigate the negative effects of this pandemic,” he remarked.
Speaking during the engagement the Minister for Trade, Industries and Cooperatives, Hon. Amelia Kyambadde said; “The persistence of this pandemic may limit input sourcing from China and final consumables from traders. But this creates an opportunity for Uganda’s industries to add value and do final processing of some […]