Parliament has passed the National Social Security Fund- NSSF Bill 2019, giving Ugandans aged over 45 years and those who have saved for 10 years to access 20 per cent of their savings. Amended Clause Clause 10 of the principal Act has been amended to read as follows: A member who has made voluntary contributions to the fund shall be allowed midterm access to his or her benefits accrued from the voluntary saving on such terms and conditions and in a manner prescribed by the BoardA member who is in employment and is forty five and above or has contributed…
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Domestic Borrowing by the government is creating a class of lazy investors, according to the Uganda Debt Network-UDN. Domestic Borrowing is done through the issuance of securities like treasury bills, which are short term debt instruments with tenures ranging from 91, 182 and 364 days and treasury bonds with a maturity period of more than a year.These investments are considered advantageous because they consider the guaranteed rate of return and have no value loss. Currently, Uganda’s total domestic debt stands at USD 4.82 billion (UGX17.98 trillion).Besides crowding out the private sector, Julius Kapwepwe, the Executive Director of Uganda Debt Network,…
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Savings and Credit Cooperative Organizations- SACCOs have raised concern about the delay to release funds under the Emyooga program. More than 356 SACCOs were registered in Kampala Capital City Authority-KCCA to benefit from the UGX26 Billion. By February 12th, the government had disbursed over UGX4.240 billion to 190 SACCOs in Kampala but they are yet to access the funds. This has not gone well with SACCOs members who are now wondering if the program was a campaign gimmick. In Nakawa Market, over 450 vendors formed in 15 groups registered the Nakawa Market non-food Vendors SACCOs and opened a joint account in Centenary…
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The Bank of Uganda has extended for six months effective April 1, 2021 the Credit Relief Measures that the banking industry offered their borrowers to help them overcome the impacts of the Coronavirus (COVID-19) pandemic on the economy.The Bank will also extend its financial support to financial institutions that may be in distress. In April 2020, Bank of Uganda (BOU) put in place Credit Relief Measures aimed at maintaining Financial Stability, and reducing the Economic Impact of COVID-19, especially due to the national lockdown.This came amidst fears that the private sector would not be able to pay back the loans…
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The minister in charge of Karamoja Affairs, John Byabagambi has asked the ministry of energy and mineral to cancel all the mining licences issued to investors proposing to mine in Karamoja.He said most of the investors who got mining licences did not follow the right procedures including consulting the local communities who are the owners of the land.Byabagambi observed that other purported investors were holding licenses yet they have no capacity to set up factories in Karamoja.“We don’t condone briefcase investors, we want serious investors who can improve our country’s economy but not those who want to pull down our…
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The civil society under the umbrella, the Tax Justice Alliance has joined the fight against the proposed taxation of cash withdrawals from banks, calling for wider consultations and study of the environment before taking decision. Last week, a statement leaked to the public indicated that the Ministry of Finance, Planning and Economic Development was planning to introduce a 0.5% tax on the cash being withdrawn by a client, either at the counter or from an Automated Teller Machine, ATM.The statement signed by the Acting Secretary to the Treasury Patrick Ochailap, and addressed to the Bank of Uganda governor for his view,…
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Uganda Airlines made revenue worth UGX40 billion from the time it started operations to the end of December 2020. This is according to Cornwell Muleya, the Chief Executive Officer, Uganda Airlines Company Limited.According to Muleya, the Airline carried 77,355 passengers between August 2019 and June 2020, registering a shortfall of 10 per cent from its target of 85,760 passengers. This also meant that predicted income of UGX31.5 billion was not attained, and instead, the airline generated UGX25.2 billion. However, the airline made an additional UGX14.8 billion from 26,394 passengers at the end of December 2020. The Average Passenger Load factor for the initial…
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The Uganda Bankers Association, UBA, is petitioning the Central Bank to block the proposed taxation of cash withdrawals from the bank.The proposal has drawn condemnation across sections of the public after the Ministry of Finance Planning and Economic Development wrote to the Governor of the Bank of Uganda seeking views on the matter. The bankers’ association says it was wrong for the Ministry of Finance not to involve the bankers since they were the ones who would implement the decision. Instead, the ministry chose to talk to the regulator, the Bank of Uganda. Interestingly, the Uganda Communications Commission as the regulator…
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The Japanese government has contributed UGX135.6billion (3.821 billion Japanese yen) for the construction of 23.6Km Yumbe-Manibe road in Yumbe District. It’s part of the contribution by the Japanese government towards “The project for the Implementation of the National Road in Refugee Hosting Areas of West Nile Sub Region.” Speaking at the signing of the exchange notes with Finance Minister, Matia Kasaija, the Japanese Ambassador to Uganda, Hidemoto Fakuzawa, said that he believes that strengthening the road network would boost logistics movements and revive social and economic activities in the refugee host communities. Apparently, Yumbe-Manibe road is in sorry state, which…
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Total-Uganda is evaluating the residual land of the people affected by the East African Oil Pipeline (EACOP) project in the ten districts within the pipeline route.According to Stella Amony, the Communications Officer –Total E&P Uganda, has confirmed the exercise saying it commenced in November last year and will be concluded in March this year. She says that the exercise is covering 296km from Hoima, Kikuube, Kakumiro, Kyankwanzi, Mubende, Gomba, Sembabule, Lwengo, Kyotera, and Rakai districts. Amony explains that the residual land evaluation is a process that had to be done after concluding the evaluation of the pipeline land. Residual land…
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