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Members of Parliament have approved a request by the government to borrow $464 million (about UGX1.7 trillion) to finance infrastructure and development needs of the budget despite objection from the opposition, who say the loan terms are unfair.Referred to Parliament’s Committee on National Economy on Tuesday, the loan is to be sourced from Standard Chartered Bank, which will serve as “the lead arranger and agent” for Nippon Export and Investment Insurance (NEXI), a Japanese insurance firm, and the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), who will actually provide the money.Committee Chairperson, John Bosco Ikojo and…
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Last year Parliament approved loans to the tune of UGX18.69 trillion, according to the report detailing the business transacted by the House in the year 2020. The approved loans are up from the UGX6.15 trillion that legislators approved in 2019.According to the report, 17 loan request proposals authorizing government to borrow were approved. These were tabled by government through the Ministry of Finance, Planning and Economic Development and considered by the House National Economy Committee.These include; a UGX1.1 trillion (US$ 300.0 million) loan from the International Development Association (IDA) of the World Bank Group for budget support for financial year 2019/2020…
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Information obtained from the World Bank website indicated that Uganda will receive up to $240 million (about UGX889 million) which will be paid back in 35 years with a grace period of 6 years. According to a cabinet decision passed on Monday, UGFIT-II will benefit from both the education and health sectors. A cabinet communique indicates that a portion of the said money will be used to construct 134 health center IIIs in sub-counties that currently don’t have any facility at all and also rehabilitate infrastructure in the existing ones. Besides, the government will use the loan to equip 285 upgraded…
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