The President of Uganda Gen. Yoweri Kaguta Museveni has endorsed a request by the Ministry of Finance to borrow up to USD500M to recapitalize Bank of Uganda (BoU) and Uganda Development Bank (UDB), following the effects of Coronavirus (COVID-19) on Uganda’s economy. The money, according to credible sources, will come from the International Monetary Fund…
Sheema District Woman Member Of Parliament, Jacklet Atuhaire Rwabukukuru has urged Ugandans especially those in rural areas to put more effort into agriculture during this Coronavirus lockdown. The message was delivered in an open letter to all Ugandans more, to her good people of Sheema. It’s from this letter that the Lawmaker warned that the…
The Ministry of Kampala Capital City and Metropolitan Affairs has unveiled a number of initiatives that are being considered in order to streamline, regulate, and create order in the city. The ministry says it’s still discussing the initiatives and they will be implemented after thorough consultations. The issues being considered are: Registering Boda bodas and…
Government of Uganda introduced Digital Tax Stamps, a measure intended to enhance tax compliance and to ensure that the Ugandan market has only authentic manufactured or imported products. Introduced in November 2019, manufacturers and importers are required to affix digital tax stamps onto every product manufactured or imported before distribution into the market. Six items…
By Omongole Richard (Farmer) Uganda’s post coronavirus economic failings are going to come from the IMF/World Bank supervised theoretical economist at Bank of Uganda. You borrow $ 491.5 million, then $151m will go to budget support and UDB . A whole $340m just for bank of Uganda to stabilize the exchange rate! Textbook economics based…
The Central Bank has confirmed that Dr. Charles Kasedde a former head of treasury at Bank of Uganda Mbale was fired due to theft. The confirmation comes a day after our Story reporting of how Kasedde was arrested and is being probed by the Directorate of Criminal Investigation and Crime Intelligence (CID) Kireka. As noted…
Lake Victoria’s water levels have surged to their highest level in more than half a century after about eight months of relentless downpours, posing a threat to Uganda’s hydropower plants, the country said on Friday. The east African country relies almost entirely on four hydroelectric power dams on the River Nile, which is fed by…
Members of the Budget Committee of Parliament have rejected a fresh government supplementary request of 15.8 billion Shillings. The Committee received the request on Thursday from Gabriel Ajedra, the Minister of State of Finance in charge of General Duties. According to Ajedra, part of the money about 10 billion Shillings is to facilitate the Uganda…
The Bank Of Uganda has fired over Seven directors in an ongoing investigation which established that some of them were involved in fraud, mismanagement of office, and embezzlement of funds with the Ex -Deputy Governor Dr. Louis Kasekende and Ex Executive Director of Operations Justine Bagyenda. In an internal memo linked to this website, we’ve…
A local company named Kampala Salt will start making salt when its manufacturing plant being developed in Lugazi Town, Buikwe District is completed, Evelyn Anite, the State Minister of Finance for Investment and Privatization, said in a statement. The minister said the initiative will help “boost local production” as well as “significantly” reduce the import…
