Kampala, Uganda | Khisa Isaac | Uganda Development Bank (UDB) is considering reducing interest rates by two percentage points to 10% on loans to be advanced to local companies involved in various productive activities as the coronavirus containment measures takes toll on the economy. This development comes in the wake of the …
Read More »Village banks in Mbale struggling to recover loans
Kampala, Uganda | THE INDEPENDENT | The COVID-19 lockdown has affected the operations of village saving groups in Mbale district as members are failing to repay loans advanced to them. The banks give out loans to especially subscribed members who operate petty businesses and farming. The loans usually range from …
Read More »Govt revises proposal to acquire loans for COVID-19
Kampala, Uganda | THE INDEPENDENT | Government has revised its proposal to borrow money to mitigate the effects of coronavirus by up to 1.3 trillion shillings. On April 2, the government presented a motion to borrow up to 1.7 trillion shillings to cushion the economy from the effects of COVID-19. …
Read More »Traders ask for interest free loans for businesses
Kampala, Uganda | THE INDEPENDENT | Traders in Kampala have asked the government to lobby for free interest loans for their businesses that were affected by the outbreak of COVID-19. In March, President Museveni issued several measures to combat the spread of the virus. They included restrictions on the movement of …
Read More »COVID-19: IMF approves $491.5 Million for Uganda
Washington, United States | AFP | The IMF on Wednesday approved a sh1.8 trillion ($491.5 million) emergency loan for Uganda and another $739 million for Kenya as the countries deal with the coronavirus pandemic. Both face severe economic shocks amid efforts to contain the spread of COVID-19, the Washington-based crisis …
Read More »Economists advise gov’t to ‘Go slow on loans’ in bid to stimulate economy
Kampala, Uganda | THE INDEPENDENT | Economists have cautioned the government against taking loans to stimulate the economy in the course of COVID-19 lockdown. They say that relying on loans is a bad idea that could leave Uganda in more trouble. The caution comes amid a scramble by African countries …
Read More »UWOPA wants gov’t to freeze interest on loans acquired by informal sector
Kampala, Uganda | THE INDEPENDENT | Women Members of Parliament have demanded that the government freezes interest on loans acquired by people in the informal sector. The legislators under their umbrella group the Uganda Women Parliamentary Association (UWOPA) on Tuesday tabled demands for the government to consider. “As the government …
Read More »Kabarole fails to recover Sh900 Million Livelihood Funds
Kabarole, Uganda | THE INDEPENDENT | Kabarole district has failed to recover more than 900 million shillings meant for the Youth Livelihood Program from 2013-2018. YLP is a revolving fund initiated by the Government of Uganda in 2013 to address unemployment among the youths. Funds are advanced to youth interest …
Read More »Minister Ajedra warns Ministries on obtaining loans
Kampala, Uganda | THE INDEPENDENT | The Ministry of Finance and Economic Planning will stop all ministries and government agencies from signing any Memorandum of Understanding that has finance implications without involving it. Speaking at the Uganda Media Center while announcing the forthcoming regional conference on public debt management and sustainable …
Read More »Stanbic launches campaign targeting borrowers
Kampala, Uganda | JULIUS BUSINGE | Stanbic Bank Uganda has launched a campaign dubbed ‘unbeatable loans’ aimed at creating awareness about the various financing solutions currently available. The campaign launched a few days ago will run until the end of May 2020, showcasing the bank’s unbeatable range of products that …
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