Government to borrow Sh1.2tn from World Bank

Parliament is slated to hold a plenary sitting this afternoon and chief among items for consideration is a loan request by government to borrow $325m (Over Sh1.2tn).

The money will finance the Uganda climate smart agricultural transformation project.

The government also plans to take another loan of Yuan1,050,000,000 (Shs554.689Bn) from the EXport -Import Bank of China to finance the e-government infrastructure project phase v.

The Parliament is also expected to consider the Sh3.5tn supplementary budget where Ministry of Health is seeking for approval of Sh2.7b for supervision works at Lubowa Hospital.

Government is also seeking for approval of Sh37b to businessman Sudhir Ruparelia for construction of Munyonyo Convention Centre in preparation for the Non-Aligned Movement (NAM) Summit scheduled for January 2024.

In the supplementary budget, the Office of President is also seeking for Shs26.731Bn for the NAM Summit preparatory activities.

Ministry of Defence wants Shs188Bn for classified expenditure, while State House wants additional Shs197.357Bn for classified expenditure.

Recently, the Acting Governor Bank of Uganda, Mr. Michael Atingi-Ego raised alarm that the government’s appetite for borrowing must be tamed!