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                RWANDAIR: Rwanda aircraft veers off runaway at Entebbe International airport

                RWANDAIR: Rwanda aircraft veers off runaway at Entebbe International airport

                Taxman (URA) Restricts Warehousing Of Old Vehicles to Avert Revenue Loss

                Taxman (URA) Restricts Warehousing Of Old Vehicles to Avert Revenue Loss

                Metropolitan Republic Uganda names Derek Mwesigye Creative Director. Derek joined Metropolitan Republic Uganda (MRU) in 2016.

                Metropolitan Republic Uganda names Derek Mwesigye Creative Director

                11 City Bars Face Closure Over Noise Pollution. Authorities in Kampala have issued a last warning.

                11 City Bars Face Closure Over Noise Pollution

                CNOOC’s Ugandan workers threaten to strike over unfair salary regime

                CNOOC’s Ugandan workers threaten to strike over unfair salary regime

                Small and Medium Enterprises Fetch Capacity in Growth and Competitiveness

                Small and Medium Enterprises Fetch Capacity in Growth and Competitiveness

                Trending Tags

                • Politics
                  Brig Busizoori Takes over as Deputy Commander of UPDF 3 Division

                  Brig Busizoori Takes over as Deputy Commander of UPDF 3 Division

                  Gen. Muhoozi visits CID headquarters, lectures officers on policing

                  Gen. Muhoozi visits CID headquarters, lectures officers on policing

                  Speaker Among Commends Cuba for Support to Uganda

                  Speaker Among Commends Cuba for Support to Uganda

                  COSASE Exposes City Law Firm In Fake Shs2.3bn Land Compensation

                  COSASE Exposes City Law Firm In Fake Shs2.3bn Land Compensation

                  Minister Nabakooba Trounced as Court of Appeal Upholds Bagala’s Victory.

                  Minister Nabakooba Trounced As Court Of Appeal Upholds Bagala’s Victory

                  EC Sets Dates For Bukimbiri County Parliamentary By-Election. -Says Paul Bukenya the Spokesperson of the Uganda Electoral Commission

                  EC Sets Dates For Bukimbiri County Parliamentary By-Election

                  Trending Tags

                  • Health
                    Aging Force Not Good For National Defence, CDF Mbadi Tells Officers And Militants

                    Aging Force Not Good For National Defence, CDF Mbadi Tells Officers And Militants

                    World Immunization Week: Global partners pledge $1 for every like, share, or comment on social media posts mentioning ‘UNICEF’ using the hashtag #longlifeforall until May 10

                    World Immunization Week: Global partners pledge $1 for every like, share, or comment on social media posts mentioning ‘UNICEF’ using the hashtag #longlifeforall until May 10

                    Medical Report: Oulanyah Died Of Multiple Organ Failure

                    Medical Report: Oulanyah Died Of Multiple Organ Failure

                    What You Don’t Know About Rt. Hon Jacob Oulanyah Life

                    What You Don’t Know About Rt. Hon Jacob Oulanyah’s Life

                    Health ministry investigating flu virus in schools. The Minister of Health, Dr Jane Ruth Aceng has asked the public for patience.

                    Health Ministry Investigating Flu Virus in Schools

                    WOMENS' DAY: Female MPs Petition for better Maternal Health Funding

                    WOMEN’S DAY: Female MPs Petition for better Maternal Health Funding

                    Trending Tags

                    • Science & Technology
                      UNMA challenges journalists to disseminate daily  weather information

                      UNMA challenges journalists to disseminate daily weather information

                      Government Commissions Phase Four of the National Backbone Infrastructure (NBI)

                      Government Commissions Phase Four of the National Backbone Infrastructure (NBI)

                      Courtesy Photo

                      Mobile Money: Hackers make billions from Airtel, MTN, Stanbic, and other financial institutions

                      FULL SPEECH: THE GUEST OF HONOR AT THE HIPIPO WOMEN IN FINTECH SUMMIT AT SHERATON HOTEL – Hon. Judith Nabakooba

                      FULL SPEECH: THE GUEST OF HONOR AT THE HIPIPO WOMEN IN FINTECH SUMMIT AT SHERATON HOTEL – Hon. Judith Nabakooba

                      Government of Uganda and Total sign key oil pipeline agreement in Entebbe

                      Government of Uganda and Total sign key oil pipeline agreement in Entebbe

                      UPDF -Airforce officer invents a brick making machine

                      UPDF -Airforce officer invents a brick making machine

                      Trending Tags

                      • Opinion
                        Conflict and Crisis in Karamoja Region By Chero Emmanuel

                        Rebuking the Karamoja Crisis and Conflict

                        Alvin Katto | Why Sales Is the Best First Job For New Graduates

                        OPINION: Why Sales Is the Best First Job For New Graduates

                        Regional Investment Summits will Identify Local Talent, Innovations and Stimulate Domestic Production

                        Regional Investment Summits will Identify Local Talent, Innovations and Stimulate Domestic Production

                        ’ARCTIC’’ The New Geopolitical Flash-Point and Battle Ground for Wealth. -By Kiberu Malik

                        ’ARCTIC’’ The New Geopolitical Flash-Point and Battle Ground for Wealth

                        Serumaga: Is the Environmental Police Mindful of Permanent Buildings in Lwera wetlands?

                        Serumaga: Is the Environmental Police Mindful of Permanent Buildings in Lwera wetlands?

                        Education Reforms, Erase, Rewind and Modernise Some Aspects Starting with Names and Language

                        OPINION: Education Reforms, Erase, Rewind and Modernise Some Aspects Starting with Names and Language

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                          Boda-boda-riders-in-Uganda

                          KCCA has Today kicked off the BodaBoda census

                          The-KCCA-and-UNRA-team-that-carried-out-the-operation.

                          KCCA and UNRA have ordered people who operate businesses in road reserves to vacate immediately.

                          Officer Lance Corporal John Nuwagira remanded for sleeping with boss’ wife

                          UPDF Court remands soldier for sleeping with boss’ wife

                          Aging Force Not Good For National Defence, CDF Mbadi Tells Officers And Militants

                          Aging Force Not Good For National Defence, CDF Mbadi Tells Officers And Militants

                          MPs Beat UPDF Generals in Gen Muhoozi Birthday Cup

                          MPs Beat UPDF Generals in Gen Muhoozi Birthday Cup

                          PHOTOS: Pastor Julie Mutesasira proposes to same woman she married 2 years ago

                          PHOTOS: Pastor Julie Mutesasira proposes to same woman she married 2 years ago

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                          Brig Busizoori Takes over as Deputy Commander of UPDF 3 Division

                          Brig Busizoori Takes over as Deputy Commander of UPDF 3 Division

                          PHOTOS: Pastor Julie Mutesasira proposes to same woman she married 2 years ago

                          PHOTOS: Pastor Julie Mutesasira proposes to same woman she married 2 years ago

                          Lee Selby retires from boxing after 27 years

                          Lee Selby retires from boxing after 27 years

                          NRM SG Hon Todwong meets his Burundi ruling party counterpart in Kampala ahead of the burrial of the Parliament of Uganda falled speaker.

                          NRM SG Todwong meets Burundi ruling party counterpart

                          Parliament to elect Jacob Oulanyah’s successor this week. The speaker of the Parliament of Uganda died on Sunday 20th March in Seattle USA.

                          Parliament to elect Jacob Oulanyah’s successor this week

                          Boeing plane crashes with 132 passengers

                          Boeing plane crashes with 132 passengers

                          Museveni’s special message to Kagame excites Eastafricans

                          Museveni’s special message to Kagame excites Eastafricans

                          Mali's ousted president Keita dies at 76

                          Mali’s ousted president Keita dies at 76

                          BREAKING: Several killed in Mogadishu car bombing

                          BREAKING: Several killed in Mogadishu car bombing

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                          IMF UGX 3.5 Trillion COVID-19 loan facility explained

                          Male Solomon Grace by Male Solomon Grace
                          September 14, 2021
                          in News
                          IMF UGX 3.5 Trillion COVID-19 Loan facility explained. The International Monetary Fund recently approved US $1BN loan to support Uganda.

                          IMF UGX 3.5 Trillion COVID-19 Loan facility explained. The International Monetary Fund recently approved US $1BN loan to support Uganda.

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                          IMF UGX 3.5 Trillion COVID-19 Loan facility explained. Officials from the International Monetary Fund (IMF) have explained the recently approved US Dollars 1 billion loan ( 3.52 trillion Shillings) facility for Uganda to support the post-Covid-19 recovery.

                          The officials made the explanation on Monday afternoon during a meeting between the Leader of the opposition in Parliament, Mathias Mpuuga and the IMF Country representative, Izabela Karpowicz, and the agency’s Chief of Mission, Amine Mati.

                          The meeting was held under the auspices of the Parliamentary Forum on the IMF and the World Bank and intended to brief the leadership of the Opposition in parliament about government programs supported by the IMF and World Bank.

                          In June, the IMF Executive Board under the Extended Credit Facility (ECF) arrangement approved a loan to support Uganda’s post-COVID-19 recovery and increase households’ incomes and inclusive growth by fostering private sector development.   

                          Addressing the meeting via zoom from Washington DC, Mati took time to explain the US Dollars 1 billion loan facility for Uganda which was approved by the IMF executive board in June under the Extended Credit Facility (ECF) arrangement to support the post-COVID-19 recovery and the plan to increase households’ incomes and inclusive growth by fostering private sector development.   

                          Mati said that Uganda was picked for the three-year financing package upon realizing that its economy had been hit hard by the COVID-19 crisis which reversed decade-long gains in poverty reduction, a deterioration of the fiscal balances and causing pressures on external buffers.

                          Mpuuga told the IMF officials that questions about the loan remain in the public domain since the government remained cagey on the intent of the loan. The Leader of Opposition also questioned how the IMF loan was approved without first seeking Parliamentary approval.

                          “We are surprised that seeking Parliamentary approval for the loan wasn’t critical for the IMF, some of these conditions that are subject to the laws of the land should be respected because oversight begins with respect of the laid down procedure,” said Mpuuga.

                          Mati however said that since the IMF deals directly with the Government and the Central Bank, they took it that there was conformity with the laws by the time the loan was applied for.

                          Budadiri West MP, Nathan Nandala Mafabi who is also a board member of the Parliamentary Forum on the IMF and the World Bank tasked the IMF team to explain whether they took into consideration Uganda’s absorption capacity following different Auditor General’s reports that revealed many un-utilised loans.

                          Early this year, Auditor General John Muwanga reported that 12 loans valued at 1.3 trillion Shillings expired before disbursement to respective ministries and government entities. This undermined the attainment of planned development targets and rendered commitment charges paid in respect of the undisbursed funds meaningless.

                          The MPs also raised questions on how the IMF came up with the figure for the loan and as to whether it cared about Uganda’s high public debt.

                          The IMF Country representative, Karpowicz said that while Uganda’s public debt is high, it does not cause so much concern since its Gross Domestic Product -GDP is better than that of many other countries.

                          This is why domestic revenue is a key component of the Extended Credit Facility (ECC) program,” she said. The meeting agreed to further engage the legislators to have a better understanding of how the loan facility was structured and to identify the major gaps in it.

                          Also, read; DPP withdraws charges against lawyer Nicholas Opiyo

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