BOU’S DR. ADAM MUGUME: The 29 things lenders and borrowers must know about BoU’s credit relief measures On April 06, 2020, Bank of Uganda (BoU) announced Credit Relief Measures to mitigate the Economic Impact of COVID-19 and safeguard Financial Stability. On April 14, 2020, BoU issued Guidelines to Supervised Financial Institutions (SFIs) on how to implement the measures. During implementation, several questions have arisen, which the BoU has compiled into Frequently Asked Questions (FAQs) that have been addressed by the Deputy Governor’s Office. These FAQs are intended to address and provide clarity of the above-mentioned credit relief measures, and their implementation during this period.
Dr. Mugume the Acting Deputy Governor has laid out 29 very clear guidelines, laying out both lenders and borrowers' rights, obligations and responsibilities.
1. What does Credit Relief mean?
It is a re-organisation of a debt obligation through concessions or accommodations that provide borrowers with some form of relief in how and/or when they meet their debt obligation(s) to lenders.
2. What is the key objective of the Credit Relief Measures issued by the Bank of Uganda?
The objective is twofold: (i) To enable borrowers cope with the adverse
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