Coca-Cola Beverages Africa in Uganda has called upon the Uganda Business Community to do more to support economic recovery after the COVID-19 lockdown. Hosting a selection of business partners at the Coca-Cola bottling plant in Namanve, Mukono District, yesterday, Coca-Cola Beverages Africa officials said the private sector has a key role to play in supporting each other to emerge stronger from the impact of COVID-19 and the lockdown period. “COVID-19 has affected all of us, but we cannot let the disease keep us down. We must do everything we can to thrive and emerge stronger – and we cannot do…
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Recent progress in the Uganda’s long-delayed oil development has brightened Uganda’s longer-term economic prospects following the agreements signed by Uganda and Tanzania on the construction of the US$4bn cross-border oil pipeline between the Lake Albert region in Uganda and the port of Tanga in Tanzania, a research report released by Absa Group on the performance of economies in Sub-Saharan Africa has revealed. “Recent developments in oil and gas industry will transform the economy in the coming years, boosting investment into related sectors and pushing economic growth higher. Total aims to commence oil exports by 2025, with a total of 230,000…
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The immediate implications of COVID-19 do not need to be recounted to an adult who is in control of their faculties. We have all been devastated in all kinds of ways and different arms of government have tried their level best to address issues in their control. At the forefront, the President, the Prime Minister, and Minister for Health were clearly at the front line, and as they say in Swahili, fighting in the trenches bega kwa bega (shoulder to shoulder). The Uganda Revenue Authority (URA) as usual finds itself in an awkward situation as it tries to execute its…
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By Hon. Dr. Elly Karuhanga Private Sector Foundation Uganda (PSFU) has recently held several meetings with Government and development partners in an attempt to devise mitigation measures to contain the effects of COVID 19. These measures have been directly focused on curtailing infections, supporting testing, isolation, and treatment. Uganda has not recorded a single death resulting from this pandemic. The private sector appreciates government efforts in this regard. As PSFU and on behalf of the private sector we pledge to support all initiatives being outlined by both Government and the donor community in a bid to protect Ugandans from the…
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Parliament of Uganda, sitting on April 24th 2020, passed the Appropriation Bill 2020, approving UGX45.5 trillion budget for the next Financial Year- 2020/2021. This is a 12.3% increase from last year’s UGX40.5 trillion. This was after the finance Minister Matia Kasaija moved a motion for the House to constitute itself into a committee of supply to consider revised expenditure estimates for fiscal year 2018/19 and budgetary proposals for estimates of revenue and expenditure for FY 2020/2021. According to the Appropriation Bill, UGX11.9 trillion is allocated to recurrent expenditure, UGX18.076 trillion for Development expenditure and UGX5.494 trillion for statutory expenditure. 72.5%…
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By Onyango Owor It is no news that COVID-19 has rapidly spread across the world with the World Health Organization reporting more than 2 245 872 confirmed cases and 152 707 deaths globally, 19 April 2020, 03:00 GMT+3. In these unprecedented times, how you protect yourself and your business from the legal implication of a virus with no vaccine should be a priority. The total cost of the Pandemic on the global economy is currently estimated by the UN trade and development agency (UNCTAD) to be USD1 trillion and this figure is likely to rise. The devastating effect of the…
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The forex market was calm with the UGX trading flat for most of the trading sessions as market activity was at the lowest ebb. Market players were seen on the fence as demand dipped due to the lockdown. Trading was in a narrow range, holding at UGX3765/3775 on the bid and ask. In the fixed income segment, a treasury bond auction of a 2 year and 5-year bond was held at fixed coupons of 11.00% and 14.00% Amount on offer was split as UGX75 billion and UGX210 billion for the 2 and 5-year respectively. Both tenors were oversubscribed and yields…
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Housing Finance Bank, one of Uganda’s top ten lenders and the biggest mortgage lender with over 50% market share, has started rolling out a credit restructuring exercise to its customers, on a case by case basis. The bank has asked customers who anticipate some challenges in servicing their credit obligations with the bank to reach out to the bank. In a public customer notice, Mr. Michael Mugabi, the bank’s Managing Director, said that, in the wake of the COVID-19 pandemic, Housing Finance Bank will stand with its customers by extending “our resources towards finding mutual solutions that will minimize the…
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Kampala, Uganda, April 13, 2020: As Uganda and the rest of the world confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Bank Uganda is rolling out an extensive payment relief programme for eligible customers that have been directly or indirectly impacted. Under the programme, customers in sectors that have been directly or indirectly affected by the disruption presented by COVID-19 will be offered payment relief to ease their financial burden. “While we appreciate the measures put in place globally to curb the spread of this pandemic, we are also cognizant of the effects they have…
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As Uganda faces an unprecedented challenge with communities everywhere affected by the COVID-19 pandemic, most especially the 14- day lockdown which has seen businesses come to a halt and several Ugandans lose jobs, well-wishers from all sectors have come together to help respond to this catastrophe following President Yoweri Kaguta Museveni’s appeal to all able individuals to contribute towards this national cause. The President asked for cars, money and food donations which would then be distributed to families affected by the lockdown. In response to this call, China Huangpai Food Machines, a Chinese firm has donated 40 tonnes of food….
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