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The amount of money where borrowers have not made any payments for at least three months grew by 15 per cent to UGX783 billion between January and March 2020, the Bank of Uganda has said. This is a growth from UGX666.3 billion of loans not being paid as registered in December 2019.Also referred to as non-performing loans (NPL), their growth is an indicator of a bad economy where borrowers are unable to work and honour their loan obligations. For the NPL, banks still have hope of recovering it.The Central Bank’s quarterly financial stability report says the trend of people failing…
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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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By Evelyn Atim The world has suddenly woken up to the fact that our greatest strength – our interconnectedness is currently working against us. As of 15th April 2020, the number of confirmed infections of the novel coronavirus worldwide was approaching the 2m mark and death toll tops 120,000. Worldwide, the resources to combat this pandemic are limited; medical personnel, Personal Protective Equipment known as PPE, ventilators and testing kits. In Uganda, the number of reported cases is 55 and is likely to rise over the coming days. As we continue to grapple with the effects and impact of this…
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Although Uganda had as of March 15, 2020, not yet registered a single case of the deadly COVID-19 top five Kampala hotels had registered a loss of an estimated USD 2,089,129 in canceled bookings alone due to global travel restrictions and anxieties! With 9 cases confirmed todate in Uganda, the banning of political, social and religious gatherings as well as a total lockdown of all our borders to all sorts of travel- by land, air and sea and most Ugandans being encouraged to stay home, the damage to the tourism sector that is Uganda’s No.1 foreign exchange earner is unfathomable….
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A day after the ministry of finance warned that COVID-19 related complications could borrowers from trade, tourism, transportation, and construction sectors experience difficulties in repayments, thus worsening banking industry non-performing loans from the current 4.7% to 5.9%, today, the central bank has weighed in with a promise to prop up banks with liquidity support amongst many other measures, should they require it. He, however, did not say where the central bank would be intervening to cut interest rates. In a statement released today, March 20th, 2020 by Prof. Emmanuel Tumusiime Mutebile, the Central Bank Governor, he said that although Uganda…
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The Uganda Minister of Finance, Planning and Economic Development has today told Parliament that Corona Virus Disease- COVID-19 will significantly affect Uganda’s economy, so much so that up to 2.6 million could sink bank into poverty depending on the severity of the disease. In his statement on the economic impact of COVID-19 on Uganda, presented to parliament today, Matia Kasaija, the Finance Minister said that the biggest impact will be on the services sector especially travel and tourism, including hotels and accommodation, adding that the resulting supply chain disruptions especially caused by travel restrictions will curtail import and export trade…
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Today, the government of Uganda released its first estimates of how deep COVID-19 could hurt Uganda’s economy. The figures released by Uganda’s Finance Minister, Matia Kasaija are based on two scenarios- namely; OPTIMISTIC SCENARIO: That the corona virus does not enter Uganda or that it is quickly contained hence avoiding widespread infections within the population. WORST-CASE SCENARIO: The “virus enters Uganda and spreads rapidly (as experienced in some African countries such as Egypt, South Africa and Algeria), in which case, the impact on the economy, the budget and the population would be significantly higher. Here below are some of the…
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