Ugandan President Yoweri Museveni has said prudent policies such as the liberalization of the economy led to the increase of foreign direct investment (FDI) from 110 million US dollars in 1994/95 to 240 million dollars in 2004/05.

President Museveni made the remarks on Thursday when inaugurating the 4.6 billion shillings (2.5 million dollars) Bank of Uganda regional office and currency center in Gulu, northern Uganda, according to a press release from the State House on Friday.

He said the sustained growth of the economy and the low inflation rates have played a big role in reducing the poverty levels from 56 percent in 1992 to 38 percent by 2003.

Museveni contributed to the economic growth being experienced in the country today to "a result of the correct policies adopted and pursued by the Movement government."

He lauded the bank for constructing its regional office in Gulu, saying that the office will play a crucial role in taking services nearer to the people.

Museveni pointed out that the high rate of poverty in the north was due to insecurity inflicted on the people of the area by Lord's Resistance Army (LRA) rebels.

He reassured the people in the north that the government will defeat all the residual elements of the rebel group and accord the sub-region the same level of security and development that is enjoyed by other regions in Uganda.

Speaking at the function, Governor of Bank of Uganda Emmanuel Tumusiime Mutebile announced the Gulu regional office will serve the districts of Gulu, Kitgum, Pader, Lira, Apac, Masindi and Hoima, saying that the main objective of the center is to ensure distribution of adequate currency to meet the transaction needs of the people of the area.

Source: Xinhua