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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…
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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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The Ministry of Finance, Planning and Economic Development (MoFPED) Permanent Secretary/ Secretary To The Treasury, Mr Ramathan Ggoobi has today written to Parliament, clarifying the status of the Government’s 25% shares held in the Munyonyo Commonwealth Resort. In the letter, (Ref AGO/13918/21) addressed to the Clerk to Parliament Parliament Mr Ggoobi explained that the ministry, through whom the shares are held, is at the tail end of finalising the share transfers to the Uganda Development Corporation, the Government of Uganda’s investment arm. “Reference is made to your letter Ref. AB 215/287/01 dated 5th November 2021 to this office on the…
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Next year, in 2019/20, the government of Uganda plans to spend 23.8% more money than it has spent, this year financial year. According to a national budget read yesterday, by…
By Our Reporter Following what transpired in a stakeholders meeting held on February 25, 2014 at Imperial Royale Hotel during a meeting which the Permanent Secretary and Secretary to the Treasury had recommended in an earlier meeting to consider the proposals in the Retirement Benefits Sector Liberalization Bill to enable concrete proposals to be made on the Clauses of the Bill on which stakeholders had concerns, Keith Muhakanizi has now come out to clear the air on what is being said that the bill had been withdrawn from parliament. In a document circulated to media houses Muhakanizi says, “I want…
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