Members of the Civil Society Budget Advocacy Group (CSBAG) have urged the government to address domestic arrears in the 2023/2024 financial year. The civil society group led by their economist, Patrick Rubangakene was on Monday, 27 March 2023 presenting their position on the Ministerial Policy Statements for 2023/2024 before the Committee on Finance, Planning and Economic Development chaired by Hon. Keefa Kiwanuka. Domestic arrears refer to short-term debts incurred by Governments against unpaid procurement invoices for the supply of goods and services during a given financial year. According to Rubangakene, the UGX200 billion budgeted to clear arrears is insignificant to…
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Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, on 16th November 2022 signed a ministerial instrument, increasing the minimum capital requirements for banks by 6 times or 500%. Capital requirements for non-bank institutions have also been increased by 25 times or 1900%. Uganda had not changed its minimum capital requirements since 2010 According to the Financial Institutions (Revision of Minimum Capital Requirements) Instrument, 2022, a copy of which this writer has seen, minimum capital requirements for commercial banks have been increased from UGX25 billion (USD6.7 million) to UGX 150 billion (approx USD40.2 million) by 30th June 2024….
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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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Government has resolved to increase PostBank’s authorised share capital by 400% from UGX100 Billion to UGX500 Billion. For customers, this means that access to low-priced financing would further be enabled while the Bank will benefit in terms of reduced cost of operations. The move was revealed to the press Evelyn Anite, the Minister of State for privatisation and Investment after a closed-door Annual General Meeting held on August 23, at the Ministry of Finance, Planning and Economic Development in Kampala. Hon. Anite lauded PostBank for attaining Tier One status and congratulated the new Board and Management for reviving the bank’s…
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Uganda Revenue Authority (URA) has commended Ugandans for enduring COVID-19 pandemic and other global crises that affected the economy and paying obligated tax fares, marking the Financial Year 2021/22 collection the biggest in the history of the country. An Interim Report indicates that last Financial Year 2021-22, URA collected UGX 21,659.44 billion. This means that the revenue grew by 12.44 percent as compared to collections for FY 2020/21, which reflects a nominal growth in revenue of UGX 2,396.44 billion. Although Ugandans made an achievement, the taxman registered a short of UGX 704 billion against a target of UGX 22,363.51 billion….
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The Private Sector Foundation Uganda (PSFU) recently put together a panel of experts who analysed the impact of UGX. 48.1 trillion national budget for the Financial Year 2022/2023 that was read on June 14. The experts, during the post-budget dialogue under the theme “full monetization of the Ugandan economy through commercial agriculture, industrialization, market access and digital transformation” at Kampala Serena Hotel on Friday probed if the budget addresses the nation’s development agenda for the next level. “If yes, then let us identify so that PSFU can garner support and partner with those projects with the Government,” said Mr. Rajesh…
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The former Secretary to the Treasury (PSST), Keith Muhakanizi has distanced himself from the processes that saw the disbursement of supplementary funds by the Finance Ministry for land compensations. Muhakanizi said that he was on sick leave during the process of the payments adding that his deputy, Patrick Ocailap was in charge at the time. He made his presentation while appearing before the Committee on Statutory Authorities and State Enterprises (COSASE) chaired by Joel Ssenyonyi. The supplementary budget issued to Uganda Land Commission for the purpose of payment of claimants was UGX10.6 billion. Muhakanizi said that in November 2020, the Lands Minister…
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At exactly 5.30am on Sunday morning January 23rd 2022, the governor of the Bank of Uganda, Emmanuel Tumusiime-Mutebile, breathed his last in a Nairobi hospital. He had been battling illness for several years. While Mutebile’s body has died, his deeds will continue to live in the memory of those he impacted and in the consequences of his decisions and actions. This is because at the end of our lives, a question stands: what did you do with your life? For many, a good and fulfilling life is service to themselves and their families. For others, a life well lived is…
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