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Government has announced the reopening of livestock markets. The markets were closed in March by President Yoweri Museveni as a measure to curb the spread of the Covid-19 disease. These restrictions challenged livestock markets in many parts of the country like eliminating the demand for livestock products by restaurants, bars, street vendors and other institutions. On Wednesday, the State Minister for Animal Industry Bright Rwamirama told journalists at the Uganda Media Center that government has allowed the livestock markets to reopen and issued the guidelines that will be strictly adhered to.According to Rwamirama, the markets have been opened but under…
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By Christopher Burke, WMC Africa Government support for the promotion of agriculture in the 2020/21 budget with the scrapping of VAT on agricultural equipment and processed milk are welcome steps in the right direction; however, care is required in the utilization of import duties to pursue import substitution associated with agricultural products. Uganda is a relatively small economy and must maintain access to regional markets. Tagged the “Pearl of Africa” over a century ago, Uganda remains “gifted by nature.” Geographically located at the centre of one of the fastest growing and most dynamic economic regions in the world, Uganda has become…
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Bank of Uganda Governor Emmanuel Tumusiime-Mutebile has warned commercial banks that the central bank may be forced to impose limits on interest rates they can charge on loans.Mutebile, who appears to make a U-turn from an earlier position that bank can charge borrowers based on their assessments, says he was disappointed that banks had refused to reduce charges on loans to spur growth.This is contained on July 7, 2020 letter to executive directors of commercial banks. Mutebile said: “The Bank [of Uganda] may, in consultation with the minister, by statutory instrument, prescribe – the maximum and minimum rates of interest and…
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Bank of Uganda (BoU) has warned that the rate at which Uganda’s public debt is increasing is a cause for worry as the country now hits 53 trillion Shillings in debt.BoU Governor Emmanuel Tumusiime Mutebile issued the warning on Thursday while appearing before Parliament’s National Economy Committee, where he was summoned to discuss the impact of the COVID-19 pandemic on the economy.Mutebile told Parliament that the provisional total debt stock was at 53.697 trillion Shillings by the end of April 2020, which is an increase of 13.7 per cent compared to July 2019. According to the Central Bank, the ratio…
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Bank of Uganda has today, for the second time in three months, further eased down the Central Bank Rate for June 2020 to 7 per cent, setting another record low since the CBR was introduced as a Monetary Policy tool in July 2011. In April 2020, at the onset of the Covid-19 pandemic, BoU fixed the benchmark rate at 8% and kept it at 8% for May as well. Announcing the policy rate cut today, Bank of Uganda Governor, Professor Emmanuel Tumusiime Mutebile said that given the fact that the impact of Covid-19 is likely to linger on much…
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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 impact of the COVID-19 pandemic on their ability to repay loans; and (ii) To mitigate the risks faced by lenders that may arise from exposure to borrowers that are affected by the COVID-19 pandemic….
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The Coronavirus Storm By Professor Waswa Balunywa, PhD Now that the lockdown was eased, it is even more important that economic supporting measures are initiated. A large number of market vendors are now on the streets again! Boda-boda are now transporting people away from road blocks! They are seeking survival. Unless the government can sustain distributing food, they have to get out. Government must act quickly, both on the medical and economic sides. On the medical, continuous sensitization of people making them aware of the dangers of the virus should be upped, on the economic side, decisions and actions of…
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Bank of Uganda has today issued guidelines to all supervised financial institutions, to operationalize the credit relief and loan restructuring measures announced in the Monetary Policy Statement of April 6, 2020. In a 14th April circular to all CEOs of Commercial Banks, Credit Institutions and Microfinance Deposits Taking Institutions, collectively known as Supervised Financial Institutions (SFIs), Dr. Adam Mugume, the Ag. Deputy Governor said that the guidelines shall be in effect for 12 months effective April 1st, 2020. The guidelines are applicable only to credit facilities not classified as loss as at 31st March 2020 and shall not be applicable…
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Kampala, 14 April 2020 – Insurance and financial services provider, Sanlam Uganda, has donated UGX285 million (US$75,000) to the Government of Uganda’s National Response Fund for COVID-19. The fund was set up to help combat the global pandemic and its effects on the country. Sanlam Uganda is an umbrella brand that comprises Sanlam General Insurance Uganda, Sanlam Life Insurance Uganda and Sanlam Investments East Africa Ltd. The financial contribution, which was donated by the three companies as part of their Corporate Social Investment (CSI) programme, will go towards the purchase of protective wear for frontline health workers, including face masks,…
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Uganda’s business confidence index for March 2020 has fallen to a 3-year low as the knock-on effects of Covid-19 begin to sink in. According to Bank of Uganda’s Business Tendency Indicators report for March 2020 released this week, the index that measures the confidence that a cross-section of business leaders from different sectors have in the economy hit a score 54.19- the lowest since January 2016 when it last hit 53.77. The index that has been falling month on month, since January 2019, has since lost nearly 5 basis points. According to the index introduced by Bank of Uganda in…
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