Uganda sets new terms for future loans

Cabinet sitting today 3rd August 2016, at parliament building has resolved that any future borrowing/Loans should never finance components of administration and capacity as these are always catered for in Ministries’ domestic budgets.


Loan amounts procured should only go to finance substantive activities of the loan objectives, according to Frank K Tumwebaze, the Minister of ICT&National Guidance.


In addition, cabinet added that loan beneficiary entities and ministry of finance -the contracting entity, should never procure or sign off any loan before all the preparatory activities are in place to avoid delayed implementation that results into financial penalties on un-utilized loans.


He said this was in furtherance of the resolutions of the recently concluded Kyankwanzi retreat that termed this Tenure of government “Kisanja Hakuna Mchezo”.

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