Standard Chartered: Kasekende Calls for Increased Government Spending
Outgoing Managing Director of Standard Chartered Bank Herman Kasekende has called for more government expenditure if the economy is to emerge from recession.
Kasekende says the potential to grow is real but there are few opportunities to spur the development from the current 4.7% to 7% next financial year. He is concerned that the current growth rate will eventually force out smaller commercial banks – a situation likely to affect the economy.
Kasekende was recently transferred to Zambia where he will head the Standard Chartered Bank branch in the SADC country.