• EDITORIAL POLICY
  • ABOUT US
PML Daily
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home NEWS

Museveni okays proposal to borrow Shs1.3 trillion to capitalise BoU

GEORGE OKELLO | PML Daily Senior Correspondent by GEORGE OKELLO | PML Daily Senior Correspondent
May 14, 2020
in NEWS
0 0
7
SHARES
532
VIEWS
FacebookWhatsAppTwitter
President Museveni has signed an approval to borrow $500m to boost Bank of Uganda (PHOTO/File).

KAMPALA – President Museveni has approved a request by Finance Minister Matia Kasaija, seeking to borrow to $500m (about Shs1.3 Trillion) to capitalise Bank of Uganda (BoU) and the Uganda Development Bank (UDB).

In a May 6 letter to Mr Kasaija, the President

In the letter dated May 6, the President said $500M (Shs1.316 Trillion) will be used the Central Bank as Balance of Payment Support, whereas $150M (564 Billion) is for the capitalisation of UDB.

The two loans if approved by Parliament will be secured from the International Monitory Fund (IMF). The interest rate and the repayment plan were not indicated in the President’s letter, a copy of which this newspaper has seen.

Mr Museveni said that the loan going to BoU will be used to back up its foreign exchange position and also build the capacity of the private manufacturers to produce supplies in the fight against Covid-19.

Uganda by yesterday has over 120 confirmed cases of Covid-19 and the government has put emphasis on locally manufactured medical supplies.

“I have received your letter of the April 29,regarding the $500 from the IMF to back up the Bank of Uganda foreign exchange position but also to build the capacity of the country through helping the private sector to manufacture what we need for the epidemic” the President’s letter reads in part.

Mr Museveni listed the supplies to be manufactured using the money that will be extended to the private sector through UDB as; medicines, diagnostics, Personal Protective Equipment (PPE), vaccines and processed foods among others.

While approving the loan request, the President explained the need for balance of payment expenditure by BoU.

“Balance of Payments support does not only mean helping the country to ‘import more’ but must also mean helping to ‘import less’ by manufacturing those products here” the President wrote.

Comments

Tags: Bank of UgandaFinance MinistryPresident Musevenitop

Related Posts

Bobi Wine at the gate of his home, which soldiers have surrounded after he alleged mass electoral fraud (PHOTO/Courtesy).
NEWS

WHAT NEXT? Kyagulanyi to address the country tonight after Museveni was declared 2021 polls winner

January 22, 2021
22
Dr. Joshua Zake, the Executive Director, Environmental Alert (PHOTO/File).
OpEd

DR. JOSHUA ZAKE: Investment in Technology Development and Transfer for accelerated Climate Change Adaptation & Mitigation in Uganda!

January 22, 2021
9
Ugandan veteran journalist and the founder and owner of The Independent, Andrew Mwenda. (PHOTO/File)
NEWS

ANDREW MWENDA: Inside Bobi Wine’s stunning performance and its opportunities

January 22, 2021
29
VJ Junior (PHOTO/File).
NEWS

VJ Junior concedes defeat as NUP sweeps 41 lord councillor-ship positions

January 22, 2021
93
Mr. John Rujoki Musinguzi, the URA Commissioner General (PHOTO/Courtesy).
NEWS

Court clears URA to continue implementing Electronic Fiscal Receipting and Invoicing Solution

January 22, 2021
70
Electoral Commission boss Justice Simon Byabakama (PHOTO/Courtesy).
NEWS

EC on the spot over leaked videos of alleged vote rigging, says they will investigate to ascertain their veracity

January 22, 2021
1.5k






 

 

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us

KIU

  • EDITORIAL POLICY
  • ABOUT US

© 2020 PMLDAILY.COM

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2020 PMLDAILY.COM

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In