Uganda: Parliament Signs Shs6.15 Trillion Loans in 2019

By Abdul Rahman Suagibu –

NEW AFRICA DAILY  NEWS, Freetown, Sierra Leone- UGANDA, Annual performance report of the House of Parliament, Shs 6.15 trillion has been given as loans in 2019. Inclusively , Shs768 billion ($210 million) loan from the Islamic Development Bank (IDB) for the upgrade of Rwekunye-Apac-Lira-Acholibur Road, $110 million also from IDB for the upgrade of Muyembe- Nakapiripirit Road, Shs18.29 billion ($5 million) from the Export-Import Bank of India and Shs54.89 billion (US Dollars 15 million) from the African Development Bank [AfDB] as guarantee for credit lines to Uganda Development Bank Limited (UDBL).

In concert with the above, $ 379.71 million in promissory notes to FINASI/Roko Construction SPV Limited for the construction of the International Specialized Hospital of Uganda at Lubowa, Wakiso District, $100 million from the domestic market to finance classified expenditure under the Defence and Veteran Affairs Ministry for the financial year 2018/2019, $ 200 million from the International Development Association (IDA) of the World Bank Group to support the Uganda Intergovernmental Fiscal Transfers Program (UgIFT) for results in Education and Health sectors among others.

From the report, eleven loan request proposals were tabled by the Finance, Planning and Economic Development Ministry. The loan requests were first scrutinized by the Parliament National Economy Committee Chaired by Nakaseke North MP, Syda Bbumba before they were tabled in the House for discussion and final approval.

The National Economy Committee Vice Chairperson-Lawrence Bategeka stated that, approved loans requests were significant and purposefully meant to finance the National Budget especially due to inadequate revenue collection.

US$1 = 3,662.85 Ugandan Shilling

For New Africa Daily News Abdul Rahman Suagibu Reports,  Africa Correspondent

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