Audited Report by those Charged with Governance and Consolidated Financial Statements for the Year Ended 30th June, 2022

Abstract

The financial year 2021/22 was yet another year of a number of successes for the coun- try. In the first half of the year 2021/22, we witnessed continued recovery of economic activities in the wake of the re-opening of the global economy from distresses of COV- ID-19 pandemic. In 2021/22, headline inflation continued to maintain single digit aver- aged at 4.0 percent compared to 3.3 percent in 2020/21. The increase in inflation was on account of Russia-Ukraine war and residual effects of COVID-19 pandemic. The war in Ukraine, together with resurgence of COVID-19 in our trading partners, disrupted supply chain of goods and services that led to high import prices. In order to cushion the domestic economy from adverse effects of these global shocks, the Government adopted a range of policy measures including adjusted monetary policy stance.