NEWS

Museveni to personally endorse all public loans

President Yoweri Museveni ays he will personally endorse public loans. Courtesy photo.



By PML DAILY Correspondent

KAMPALA. President Museveni will from now on personally endorse loans that public entities ask for before the loan requests are tabled before Parliament.

The move aims at lessening the country’s debt burden.

Presently, information pills it is the delegated Minister of Finance and the different line ministers, accounting officers of the entities that intend to borrow money and the guarantors who sign for the loans.

“I received a letter from the President, concerning the public debt of Uganda and the status of loans,” the Speaker of Parliament, Rebecca Kadaga, said.

She did not say when the President wrote the letter.

Kadaga added: “The President feels we are overburdening the country by contracting so many loans, many of which do not add value to the GDP of the country.”

According to Ministry of Finance June 2017 figures, Uganda owes international lenders $7.2 billion (about Shs26 trillion).

The tenor and the interest rates vary with the bilateral or multilateral lender.

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