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Following a recommendation from Parliament, Dr. Ramathan Ggoobi the Permanent Secretary/ Secretary To The Treasury has kickstarted the process to remove Geraldine Ssali Busulwa, the embattled trade ministry Permanent Secretary as the Accounting Officer. This is as investigations into misuse of public funds in the ministry continue. In a 3rd October 2023 letter to the Minister of Trade, Industry and Cooperatives, Ggoobi requested the Minister to nominate another official to replace Ms. Ssali. “Reference is made to the above report on the Investigations into the utilisation of the supplementary funds to your Ministry for FY2021/22 where parliament resolved among others…
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Salaam Bank, formerly Top Finance Bank, has become the first financial institution in Uganda to be granted a license by the Bank of Uganda to offer Islamic Banking services. This followed the signing and handover of the operating license by the Deputy Governor, Bank of Uganda Michael Atingi-Ego to the Shareholders’ representative, Salaam Bank, Mr. Michael Mande, on Friday September 08th 2023. Speaking during the event, the Deputy Governor Dr. Michael Atingi-Ego reaffirmed the government and indeed Bank of Uganda’s salient mandate to provide an enabling economic environment that facilitates both local investments and attracts foreign investors. “As a strategically…
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The government of Uganda in Q4 of FY2022/23 borrowed €500 million (UGX2 trillion) from Stanbic Bank Uganda and its parent, Standard Bank South Africa, to plug holes in its budget, CEO East Africa Magazine can exclusively reveal. The Ministry of Finance, in a mailed response to inquiries from this magazine, confirmed to this publication that the money was “to finance the government budget for the FY 2022/23”. CEO East Africa Magazine understands that the money would among others be used to finance interventions in the agriculture sector, mainly irrigation, post-harvest storage and marketing programmes, as well as deepening market access…
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The Ministry of Finance Planning and Economic Development, Uganda Revenue Authority (URA) and Civil Society Organizations have launched the National Budget Month ahead of the reading of the 2023/24 financial budget. Speaking before the launch at Uganda Media Centre today morning, URA Commissioner General John R. Musinguzi said that the National Budget is a vital tool for achieving Uganda’s development goals as a nation and improving the welfare of the people. “The National Budget is not just a document that outlines the government’s expenditure and revenues, but it is a reflection of national priorities and aspirations and a vital tool…
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President Yoweri Kaguta Museveni has said he is shocked at the death of former Permanent Secretary to the Ministry of Finance, Planning and Economic Development and Secretary to the Treasury (PS/PSST). “I am shocked to hear the death of PS. Keith Muhakanizi. I was aware of his illness but it was being managed. He came to see me before this round of treatment. it is sad that he didn’t make it. I spoke to his wife in Milan and she told me what happened. Condolences to her, the family and the people of Uganda. May his soul rest in eternal…
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Uganda Development Bank (UDB), the country’s key strategic partner in delivering socio-economic transformation through sustainable financial interventions, on April 4th launched the UDB Climate Finance Facility (CFF)⏤ a strategic Fund that will make available affordable finance that aims to promote climate-smart agriculture, ensure climate resilient infrastructure and low carbon industries. Addressing guests at the launch, the Managing Director UDB Ms. Patricia Ojangole said “the increasing threat of climate change and environmental degradation has the potential to present high socio-economic risks to the economy”. “As the impacts continue to manifest through floods, drought, landslides, animal and crop epidemics among other signs…
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Members of the Civil Society Budget Advocacy Group (CSBAG) have urged the government to address domestic arrears in the 2023/2024 financial year. The civil society group led by their economist, Patrick Rubangakene was on Monday, 27 March 2023 presenting their position on the Ministerial Policy Statements for 2023/2024 before the Committee on Finance, Planning and Economic Development chaired by Hon. Keefa Kiwanuka. Domestic arrears refer to short-term debts incurred by Governments against unpaid procurement invoices for the supply of goods and services during a given financial year. According to Rubangakene, the UGX200 billion budgeted to clear arrears is insignificant to…
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Ugandan financial markets have been ranked in the top spot in East Africa and the fifth on the African continent, according to the just-released 2021 Absa Africa Financial Markets Index. A collaboration between the Official Monetary and Financial Institutions Forum (OMFIF) and Absa Group Limited the index assesses the progress and potential of 23 African financial markets, across six key pillars, namely: market depth, access to foreign exchange, market transparency, the capacity of local investors, macroeconomic opportunity, and the legality and enforceability of standard financial markets master agreements. A higher index and or rank means that a country’s financial markets…
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