Six officials of Kabale District local government have been released on police bond after refunding part of the 289 million Shillings meant for the Parish Development Model program-PDM that they allegedly embezzled. Edmund Ntimba, the former Kabale Chief Administrative Officer, Christopher Namara, the District Community Development Officer, Beda Mwebesa, the
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Speaker Anita Among Parliament has removed the 20 percent excise duty on sugar confectioneries, which was imposed under the Excise Duty (Amendment) Bill, 2022. The tax had been re-introduced by parliament on May 18th, 2022, and was meant to take effect this financial year 2022/2023. But upon transmission to President
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Commercial banks in Uganda have not only increased interest rates, but also slowed loan application approvals. This is after the Bank of Uganda (BoU) increased the Central Bank Rate, a benchmark lending rate for commercial banks, from 8.5 to 9 percent in August 2022. BoU has now increased it by
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BoU Deputy Governor, Michael Atingi-Ego Commercial banks have started raising interest rates in response to the recent increase in the Central Bank Rate, the Bank of Uganda’s rate that is used to influence the cost of money on the market. Earlier this month, the industry regulator raised the rate from 8.5
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Amos Lugoloobi, State Minister for Planning at the 2021/22 Budget reading The International Monetary Fund (IMF) is said to have declined to extend any further lending to Uganda until Government pays the Shs8Trn loan it acquired from Bank of Uganda. The revelation was made by Amos Lugoloobi, State Minister for Planning
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Israel Arinaitwe, the Acting Head, Consumer & High Networth at Stanbic Bank Stanbic Bank customers can now expect to enjoy flexible terms when accessing loans including an increased loan tenure of up to 84 months and zero percent arrangement fees on all salary loans. The promotion is a continuation of the ‘Get
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UCDA MD, Emmanuel Iyamulemye (L) gives a coffee sample to Government Chief Whip, Denis Hamson Obua (R) at Lugogo lab The Government Chief Whip, Denis Hamson Obua has accepted the request by Uganda Coffee Development Authority (UCDA) to becomes its coffee Ambassador for Northern Uganda. He will therefore popularize the growing
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Uganda Clays Managing Director, Reuben Tumwebaze Uganda Clays Ltd, the oldest manufacturer of clay building materials, has seen its 2022 half year profit after tax drop by 54% to Shs1.3 billion compared to Shs2.7 billion in June 2021. According to the Company’s Unaudited Financial Statements for the Six Months Ended
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Dr Mandla Lamba Agilitee, the world’s first black-owned electric vehicle manufacturer founder Mandla Lamba has pledged to donate R10 million(UShs2.27bn) every month to the vulnerable families dotted across South Africa. Lamba said beneficiaries are those with no one working in their families. According to the philanthropist each family will receive R2500
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The Speaker of Parliament, Anita Among has directed all committee chairpersons to submit attendance lists of MPs to her office, upon which warning letters are to be issued to culprits of absenteeism. Speaking to Members of Parliament during Tuesday’s morning sitting, Among indicated that she had already accessed the plenary
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