Ministry of Finance on Wednesday 22 January presented the National budget framework paper (NBFP) for FY 2020/21 to FY 2024/25 to the Finance Committee of Parliament. The National BFP is prepared in fulfillment of section 9 of the Public Finance Management (PFM) Act 2015. According to the NBFP, Uganda’s economy grew at 6.5% in real […]
A Chinese state-owned company, China Railway 17th Bureau Group Company has pledged to partner with a local contractor in the construction of the 95km Kampala – Jinja expressway (KJE). Mr He Ping, the company’s chairman for Africa business led a delegation to President Yoweri Museveni‘s home in Rwakitura and promised to finance the project. “if […]
The State Minister of Finance for Planning, Hon David Bahati, has declared that Uganda’s public debt is at Shs41 trillion, which is an equivalent of US$10 billion. In a statement to Parliament read by Bahati, government also said the debt stock has increased from US$2.5 billion in the 2006/2007 financial year to US$10.7 billion by the end […]
The Ugandan Community in South Korea has requested for government financial support to help boost trade between the two countries. This was during a meeting with a Parliamentary delegation Monday August 6, 2018 led by the Speaker, Rebecca Kadaga, at Glad Hotel, Seoul in South Korea. The Chairperson of the Ugandan Community in South Korea, Paul […]
Many people use the internet to find answers to various questions everyday. “How to attract money” is one of the trending topics on the internet, according to Shelly Bullard, a writer on mindbody green, “the greater reality about wealth, it is a state-of-mind. When one learns how to have a wealthy state-of-mind, they are then […]
Minister of finance Matia Kasaija has apologised to the parliament for the statement he made accusing Parliament of passing a 1% tax on mobile money which wasn’t the position of the Ministry. This happened after Speaker of parliament Rebbecca Kadaga asked Matia Kasaija to make an apology to the parliament during a session on 11th July 2018. Minister Kasaija apologized to MPs for the […]
1. Borrowing to start Business Never borrow money that accrues interest to start a business. That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest. Businesses have their own short comings so when it comes to starting a […]
This follows an outcry and anger from the citizens who, rather than make mobile money transactions as was before the taxes, prefer to use public means such as motorcycles, taxis to transfer money as they found it cheaper to travel than incur the extra costs that come with the tax. For social media, users have […]
Financial Institutions have been encouraged to develop innovative ways of delivering financial services to more Ugandans. The call has been made by the deputy Governor Bank of Uganda Louis Kasekende while launching the Finscope 2018 Financial inclusion Survey at Kampala Serena Hotel. The survey showed that 22% of the country’s adult population is still financially excluded with […]
Parliament has finally passed the budget for the financial year 2018/19 worth 32.5 Trillion shillings. The passed budget includes the recurrent Expenditure of 9.4 trillion shillings, Development Expenditure of 13 trillion shilling s and statutory expenditure of 10 trillion shillings. Parliament also passed the Appropriation Bill, 2018, authorizing the public expenditure from the consolidated fund worth […]