- central bankers'speeches as i end my remarks, i must reiterate that it is imperative to recognize the critical role the financial sector plays in driving sustainable economic development. his excellency, the president, emphasized that " the financial sector is key to sustainable economic development through mobilizing and using domestic savings and investments. unfortunately, it is not reaching its full potential and is far from bringing prosperity to all ugandans. " we must address this challenge head - on. by embracing the esg framework, the financial sector can unlock its true potential and drive national socio - economic transformation. this framework should not just be a guideline, but a call to action - a call to bridge the gap between where we are and where we can be. currently, the ratio of domestic credit to the private sector in uganda stands at a mere 14 % of gdp. in contrast, kenya boasts 32 %, and the sub - saharan africa average is around 30 %. this disparity highlights a significant opportunity for us to improve. i urge the uba to take the lead in addressing this gap. by increasing financial deepening, we can ensure that our sector not only matches but exceeds our regional peers. let us heed the president's vision of leveraging finance to spur economic prosperity for all ugandans. together, through the diligent application of the esg framework, we can transform our financial sector into a powerful engine for growth and inclusivity. let us commit to this journey, unlocking the full potential of our domestic savings and investments, and driving uganda towards a prosperous and sustainable future. in the words of luke 12 : 48b, " from everyone who has been given much, much will be demanded ; and from the one who has been entrusted with much, much more will be asked. " as stewards of the financial sector, we are entrusted with a significant responsibility to steer the sustainability agenda. let us rise to this challenge with conviction, determination, and a shared vision for a more resilient and sustainable future. it is now my honour to officially launch the esg framework for the banking industry today, 4 june 2024. together, we can forge a path towards a prosperous, equitable, and sustainable future for uganda and beyond. thank you for listening to me. god bless! 3 / 3 bis - central bankers'speeches

/ www. rba. gov. au / speeches / 2017 / sp - dg - 2017 - 11 - 13. html 8 / 13 13 / 11 / 2017 business investment in australia | speeches | rba graph 7 note that cost reduction does not necessarily imply lower investment. achieving greater automation or process efficiencies is quite likely to require some amount of capital spending. heightened uncertainty several studies suggest that heightened uncertainty has weighed on investment in a number of countries. [ 9 ] indeed, construction of measures of uncertainty has become something of a cottage industry. our own work has found some evidence of a negative relationship between uncertainty and investment but most measures of uncertainty for australia have been at relatively low levels in recent years. [ 10 ] that said, uncertainty is not observable, and different uncertainty measures may have different statistical relationships with investment. tighter financial conditions financing constraints have been found to play a role in explaining weak investment outcomes in a number of countries. [ 11 ] however, liaison with larger businesses suggests that the cost and availability of finance is generally not weighing on investment in australia. moreover, aggregate indicators of borrowing costs are at low levels. http : / / www. rba. gov. au / speeches / 2017 / sp - dg - 2017 - 11 - 13. html 9 / 13 13 / 11 / 2017 business investment in australia | speeches | rba however, aggregate indicators of the availability of finance and borrowing costs hide a great degree of heterogeneity ( graph 8 ). [ 12 ] while finance is readily available for large companies, either through the banking system or through capital markets, our liaison with smaller enterprises indicates that the availability of finance is a much more binding constraint. my colleague chris kent will talk about this in more detail next month. graph 8 changes in the composition of output another possible explanation is that non - mining investment is lower because the steady - state investment - to - gdp ratio is lower than in the past. ( the steady - state ratio is the ratio that the economy should converge to once all cyclical factors have dissipated. ) these arguments can broadly be split into two categories : a structural shift in the economy towards services ( and other less capitalintensive sectors ) ; and changes in other economic factors that determine the steady - state investment ratio. the main challenge for these theories is to explain why structural factors only emerged as important in restraining investment in the post - crisis period. if relatively less capital - intensive sectors become a larger share of