The Deputy Inspector General of Police, Maj Gen Paul Lokech has died, the Uganda People’s Defence Force (UPDF) confirmed in a statement.
Read MoreDeputy IGP Maj Gen Paul Lokech Is dead
Category: Economy
AfDB, Uganda Sign $348m Loan To Upgrade Two Major Roads
The African Development Bank (AfDB) and the Government of Uganda have signed two financing agreements totaling around $348 million for the improvement of road transport in Uganda.
Read MoreInside Museveni’s sh44.7 Trillion Budget
In the next fiscal year, the government hopes to collect at least sh22.63 trillion as domestic revenue, representing a 1.6% increase compared to the current financial year 2020/2021 to finance the sh44.7 trillion budget.
Read MoreThe firms that pocketed sh2 trillion from coffee amid a pandemic
The performance of coffee has been impressive despite the disruptions caused by the deadly COVID-19 to several economic sectors. In 2019, Uganda exported 4,519,563 bags worth $436.54 or sh1.6 trillion.
Read MoreTop three lenders push Uganda’s public debt to sh56 trillion
The Uganda Revenue Authority registered a deficit of nearly sh3 trillion in registered a revenue shortfall of sh3.1 trillion, a case which the finance ministry permanent secretary, Keith Muhakanizi, described as “the worst” performance ever.
Read MoreInsights: Kaboyo’s weekly shilling outlook
In the Euro area, the common currency was little changed while the sterling lost ground on comments by BOE on implementation of negative interest rates and possible Brexit shock.
Read MoreWhich way for job creation? Here is what gov’t is doing
to facilitate socio-economic transformation of these householdsfrom the subsistence to money economy and market-oriented production in line with the NRMManifesto.
Read MoreIncreased lending to spur economy
Ugandans are not spending as much as they did at this time last year. As a result, economic growth has slowed down. In order increase spending, the Bank of Uganda has cut its benchmark Central Bank Rate (CBR) to signal commercial banks to lend more and at lower rates. Spending by Ugandan household’s accounts for 75% of economic activity according to Central Bank information. Prof. Emmanuel Tumusiime-Mutebile, governor of the Bank of Uganda told the media at the Banks headquarters in Kampala that the economy continues to grow but at…
Read MoreEconomy bigger, growing faster than initially forecast
Ugandans are moving closer to middle income status, the rebased Gross Domestic Product (GDP) fi gures by the Uganda Bureau of Statistics (UBOS) indicate. The data also shows that the economy is bigger and is growing much faster than was initially forecast. The new data shows that the economy is now worth sh122.7 trillion (about $33b). This is up from the old estimates of sh65.3 trillion (about $18b). This is an 88% change between the old and new estimates. The change is mostly due to new data from industry, oil…
Read MoreGov’t warns of cryptocurrencies
Finance Minister Matia Kasaija has issued a strong warning to Ugandans investing in cryptocurrencies, saying the government does not recognize them and citizens are on their own. A Cryptocurrency is a digital private currency. Kasaija told reporters at the Uganda Media Centre that government will not be held responsible in case anyone loses money to organisations selling cryptocurrencies. He said that the use of cryptocurrencies is a fraud and that no Ugandan should spend their money. Kasaija said the currencies are exposed to risks, including fraud, and the fact that…
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