Page 4 - Patrick Ocailap News Today

KAMPALA, Uganda (AP) — Ugandan President Yoweri Museveni has ordered the suspension of a multimillion-dollar fund backed by European nations that supports the work of local groups focusing on...

Preliminary findings by a UN Development Fund study show that 62 percent of all surveyed users were opposed to the mobile money tax.

Daily Monitor Friday June 04 2021 A health worker administers a Covid vaccine at the Ministry of Health in Kampala on May 28. PHOTO/ABUBAKER LUBOWA Summary The Auditor General had  in the 2019/2020 financial year report  cautioned that if the government does not restrain its hunger for loans, the debt will be unsustainable and future governments will not be able to borrow. Advertisement The government is asking for another loan of $1 billion (Shs3.5 trillion) from the International Monetary F...

The loan would be for general budget support and would be disbursed over three fiscal years, he said. The countrys next fiscal year starts in July.

Uganda says negotiating with IMF for $900 mln budget support loan May 5, 2021 KAMPALA, May 5 (Reuters) – Uganda has applied to the International Monetary Fund (IMF) for a $900 million loan to help bolster its shaky finances after the COVID-19 pandemic hammered its economy, a top finance ministry official said on Wednesday. “We have applied, negotiations are ongoing,” Deputy Treasury Secretary Patrick Ocailap told Reuters. “We have not yet concluded negotiations on the loa...

Daily Monitor Thursday April 15 2021 The Minister of Finance, Mr Matia Kasaija (right), and other finance officials appear before the Finance Committee of Parliament yesterday. PHOTO | ALEX ESAGALA Summary In the next financial year, Finance minister Matia Kasaija wants to pick Shs200b from the Oil Fund/ Petroleum Fund to finance spending pressures. Advertisement The Ministry of Finance officials yesterday presented details on sources of revenue for the Shs41.2 trillion Budget for the Financial...

Daily Monitor Thursday April 15 2021 Summary But MPs on the Finance Committee asked Finance minister Matia Kasaija why UDB was lending the money to city businessmen instead of lending it to manufacturers in agro-business sector, private schools and hospitals that were hit badly by Covid-19. Advertisement Officials from the Ministry of Finance yesterday came under fire from lawmakers who are investigating alleged misallocation of Shs500b Covid-19 stimulus package. The money in question was chann...

Daily Monitor Tuesday February 16 2021 Customers observe social distancing in a banking hall. Government is proposing a 0.5 per cent tax on cash withdrawals in the next financial year to raise revenue for the economy. The move has been rejected by the already burdened taxpayers. PHOTO/KELVIN Atuhaire Summary The proposed 0.5 per cent tax on cash withdrawals discourages people from making deposits and forces those who get paid in the bank to withdraw all their cash and keep it Christine Kasemii...

Tax

Taxing bank withdrawals will be harmful to economy - BoU    Friday February 12 2021 It is not yet clear how government will seek to go about this but sources within the Ministry of Finance say there is a proposal to introduce a 0.5 per cent levy on each bank cash withdrawal. PHOTO | FILE Advertisement Taxing cash withdrawals from banks will be detrimental to the economy, Bank of Uganda has said.  This comes in the wake of a February 9 letter in which government is seeking guidance on a propo...