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Now that we know we have an idea of the Umeme buyout amount, what could be in it for shareholders? Umeme has since last year been one of the most active counters at the Uganda Securities Exchange, with analysts citing the expected buyout windfall as the biggest push factor for the activity. In April last year, the stock posted a gain of 9% to UGX 439.75, a growth that had last been witnessed in June 2023. But it slightly declined and by last week, it was range bound at UGX415 ($0.11), with a projected increase ahead of the expiry of…
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The Public Procurement and Disposal of Public Assets Authority (PPDA) has been selected to host the 14th annual East African Procurement Forum and introduce the East African Business Expo to take place from 23rd to 26th March, 2023 at Kololo Independence grounds in Kampala Uganda. The East African Procurement Forum (EAPF) is an event which gathers Heads of public procurement regulatory bodies from the East African Community (EAC) member states and other participants on an annual basis. The East African Procurement Forum and East African Business Expo is an opportunity to share experiences and challenges with the aim of improving…
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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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The Finance State Minister, Hon. Henry Musasizi on 1st November 2022 asked Members of Parliament to approve up to UGX3.5 trillion in new borrowing to finance Uganda’s 2022/23 UGX48.1 trillion budget, which he said was facing significant shortfalls. The first loan request which is up to USD464 translating to about UGX1.7 trillion is to be sourced from the Standard Chartered Bank. In documents which now stand referred to Parliament’s Committee on National Economy, Standard Chartered Bank will merely be an agent for two financial institutions that will supply the cash, should Parliament approve the loan request. Whereas Musasizi said Standard…
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Members of the National Social Security Fund (NSSF) will earn an interest of 9.65% on their savings for the financial year 2021/22 translating into UGX 1.38 trillion that will be credited to their accounts. This is lower compared to the interest rate of 12.15 for the FY 2020/2021. This was announced by Henry Musasizi, the Minister of state for Finance (General Duties) who represented the Minister of Finance, Planning and Economic Development Matia Kasaija, at the Fund’s 10th Annual Members Meeting held at the Kampala Serena Hotel on Tuesday. Musasizi applauded the Fund’s resilience against turmoil in the business world…
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The Uganda Revenue Authority (URA) Commissioner General, John R Musinguzi, has spelt out a challenge to URA Supervisors of increasing Uganda’s Tax to GDP ratio to 20.99% by the financial year 2024/25. Musinguzi has made this declaration today during the Passout ceremony of 272 URA Supervisors who have completed a month long residential Transformational Leadership training program at the National Leadership Training Insititute – NALI in Kyankwanzi. “Your role as the tactical leaders in URA is very critical in ensuring that the foot soldiers are rallied and championed to this new challenge ahead of us,” said Musinguzi. The Commissioner General…
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Uganda Breweries Limited, which is celebrating its 75th Anniversary in Uganda, has been recognised by the Ministry of Finance for the immense contributions made to Uganda’s socio-economic development. The commendation was given by Henry Musasizi, the State Minister of Finance for General Duties during a high-level dinner hosting various stakeholders that have been a part of the brewer’s journey in Uganda. He said, “Uganda Breweries spends over UGX45 billion annually in farming communities all over the country. This contribution to the agriculture sector is truly transformative in its impact on reducing unemployment in the country and also is a good…
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The Chairperson of Finance Committee of parliament Henry Musasizi is suspicious that the government could be siphoning funds meant for the recapitalization of Bank of Uganda (BoU). He disclosed his suspicions during a meeting between legislators on the Budget committee, officials from the Ministry of finance and the National Planning Authority led by Finance Minister, Matia Kasaija over the budget estimates for the next financial year.While scrutinising the Budget Framework Paper for the 2021/2022 financial year, MPs queried the allocation of another UGX481 billion towards the recapitalization of the Central bank for the second consecutive year.During the last budgeting cycle the…
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