There is more of expanding markets than harmonization, experts say Kampala, Uganda | JULIUS BUSINGE | The East African member states have been urged to tangibly manage debt and harmonise tax regimes to support growth of the East African Community. Speaking at a dialogue, on Feb.11 held in Kampala, under …
Read More »U.S. House passes short-term bill to avoid gov’t shutdown
Once the bill clears the Senate, senior lawmakers will have until March 11 to reach an agreement on how to fund the government for the remainder of the fiscal year Washington, U.S. | Xinhua | The U.S. House of Representatives on Tuesday passed a short-term bill to extend federal government funding …
Read More »Gulu city struggling to clear UGX 3.8Bn debt
Gulu, Uganda | THE INDEPENDENT | Gulu city is choking on unpaid debt of 3.8 Billion Shillings. The money is meant for the payment of utility bills like electricity and water supplies for the various offices, allowances for elected leaders, and fuel among others. Alfred Okwonga, the Gulu City Mayor says …
Read More »Speaker Oulanyah contributes Shs100m towards Church House project
Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament Jacob Oulanyah has fulfilled his pledge of Shs100 million to the Church of Uganda. This is part of his contribution to the Church House campaign dubbed Love Gift which is aimed at clearing a Shs60 billion debt owed to Equity Bank. …
Read More »Uganda’s total debt stock rises to UGX 67 Trillion: Central bank
Kampala, Uganda | THE INDEPENDENT | Uganda’s total debt stock grew to 67.4 trillion Shillings by the end of the financial year 2020/21 in June, according to the Bank of Uganda. This shows a debt to GDP ratio of 45.5 percent, in contrast to earlier estimates of almost 50 percent, which …
Read More »World Bank chief highlights “tragic reversal” in development amid pandemic
Washington, U.S. | Xinhua | World Bank Group President David Malpass said on Wednesday that the COVID-19 pandemic is pushing up poverty and debt levels in low-income countries, highlighting a “tragic reversal” in development. “It’s already pushed nearly 100 million people into extreme poverty. That’s the added number in extreme poverty,” …
Read More »Finance ministry allays fear of new USD 900 million IMF loan
Kampala, Uganda | THE INDEPENDENT | The Ministry of Finance, Planning and Economic Development has said the new $900 million (about 3.1 trilling Shilling) loan government plans to borrow from the International Monetary Fund -IMF will not cause a substantial increase of Uganda’s rising public debt. Responding to questions at Uganda Media …
Read More »Uganda’s debt burden
To borrow or not to borrow for infrastructure? Kampala, Uganda | IAN KATUSIIME | Julius Kapwepwe, the director of programmes at Uganda Debt Network, a debt monitoring NGO, Uganda’s national says, to control the country’s spiraling debt, the Ministry of Finance officials must ask themselves some questions every time they …
Read More »China’s debt grip on Africa
It holds 62% of Africa’s bilateral debt which rose from 1% of GDP to over 15% in a decade COMMENT | PAOLA SUBACCHI | The pandemic is confronting highly indebted poor countries with a fateful dilemma. As Ethiopian Prime Minister Abiy Ahmed, a Nobel Peace Prize laureate, lamented last April, …
Read More »SH200,000: 65 year old teacher commits suicide over debt
Kampala, Uganda | THE INDEPENDENT | A teacher has committed suicide in Oyam district allegedly over debt. The deceased has been identified as Aldo Ocen, 65, a teacher at Ayomjeri primary school in Aber sub county, Oyam district. Ocen, a resident of Akudi-Igida village, Adel Parish in Minakulu sub county consumed …
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