Government Commercial Bank Borrowing

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…