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Energy Ministry Permanent Secretary Irene Batebe has confirmed that the Auditor General’s report on Umeme’s buyout amount will be released next week, just a few days to the expiry of the power distributor’s 20-year concession. “Please note that Umeme is a going concern and till the last day of the concession, they [Umeme] could make an intervention on the network. The Auditor General is largely done but must factor all this in the final report expected by 28th, March,” Batebe told the CEO East Africa Magazine. According to the Investopedia website, the term ‘going concern’ in accounting refers to a…
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Parliament has approved a US$70 million loan for the construction of a state of the art facility to house the Uganda Heart institute. A loan request brought by government to collectively borrow US$70 million from the Arab Bank for Economic Development in Africa, Saudi Fund for Development and the Opec Fund for International Development sailed through following unanimous approval from Members of Parliament. Parliament’s Committee on National Economy scrutinized the loan request and approved it with recommendations. “…the committee therefore, recommends that the request by government to borrow [up to $70 million] for the construction and equipping of the Uganda…
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