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Despite a 17 percent growth in revenues, the National Social Security Fund (NSSF) has warned, it is unlikely to pay members a double-digit interest rate due to the impact on the COVID-19 pandemic on its operations. In a virtual media conference NSSF Managing Director Richard Byarugaba said that the economic downturn in Uganda and East Africa resulting from the impact of the pandemic did affect the Fund’s operations and performance in the last 2 quarters of Financial Year 2019/2020. “The economy contracted by 3.2% in the second quarter of 2020 and economic growth projections dropped to 3% to 4.0% compared…
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Billionaire founder and Chairman of the Ruparelia Group, Dr. Sudhir Ruparelia has urged Ugandans to continue strict observance of the government guidelines on COVID-19, saying that in the interim, this remains the best option of avoiding catching and spreading the disease. Dr. Sudhir, briefly spoke to CEO East Africa Magazine in a phone interview today, after a test he took yesterday, September 22nd for the disease returned negative. “Covid-19 is here with us and it will be for a couple of other months. We have to live with COVID-19 for at least the next 18 months when experts say a…
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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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The World Bank Board of Directors, yesterday, June 29th 2020 approved a $300 million (UGX1.1 trillion) budget support loan request by Uganda to boost the “Government’s capacity to prevent, detect and treat the coronavirus, protect the poor and vulnerable population, and support economic recovery.” According to a statement released by the World Bank in Washington, this Uganda COVID-19 Economic Crisis and Recovery Development Policy Financing is the first budget support operation in more than 6 years and will address the fiscal financing gap while supporting reforms that will provide immediate relief to individuals and businesses that have been most affected…
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Reduced intra and foreign trade as well as travel restrictions imposed by government to contain the spread of the Covid-19 causing coronavirus has badly hit telecom companies in Uganda. According to a preliminary report by the Uganda Communications Commission (UCC) the industry regulator, revenue from voice calls, declined by 26 per cent while revenue from mobile money services declined by 34 per cent. However, there was a 9 per cent increase in revenue from data/internet as more people stayed at home and turned to the internet for entertainment and news. The decline in revenue, according to Engineer Irene Kaggwa…
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62.3 percent of Ugandan business are considering or have already started cutting jobs as a result of Covid-19, a trend that could render up to 100,000 Ugandans jobless in the formal sector and up to 4.4 million in the informal sector. This is according to an April 2020 national socio-economic study by the United Nations Capital Development Fund (UNCDF) in cooperation with Makerere University (the College of Business and Management Science) with support from Uganda Revenue Authority (URA). The study, known as the Uganda Business Impact Survey 2020- Impact of COVID-19 on formal sector small and medium enterprises, was…
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The Uganda government has moved to ease down on a number of travel and business-opening restrictions, but President Museveni insists all these moves are dependent on the availability of government approved and issued protective masks. In a speech to the nation, yesterday 18th May 2020, Mr. Museveni said that government will from June 2nd 2020 start distributing the masks and until then various measures cannot go into effect. “The measures to ease lockdown as addressed today will be activated only when each individual has received a standard mask distributed by the government of Uganda,” clarified president Museveni, on his official…
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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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