bank-of-uganda - Uganda Multimedia News & Information https://www.weinformers.com Politics, Health, Sceince, Business, Agriculture, Culture, Tourism, Women, Men, Oil, Sports Wed, 11 Apr 2018 12:33:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.2 Bank of Uganda projects 6.5% growth in the next three years https://www.weinformers.com/2018/04/09/51351/ https://www.weinformers.com/2018/04/09/51351/#respond Mon, 09 Apr 2018 11:43:39 +0000 http://www.weinformers.com/?p=51351 Bank of Uganda has acknowledged a more positive Economic growth outlook in Uganda than it was forecasted in the February monetary policy committee meeting. While releasing April monetary police statement today, the governor bank of Uganda Prof. Tumusiime Mutebire said that Uganda’s economic growth is projected to grow by 6.5% in the next three years. He said […]

The post Bank of Uganda projects 6.5% growth in the next three years first appeared on Uganda Multimedia News & Information.

]]> Bank of Uganda has acknowledged a more positive Economic growth outlook in Uganda than it was forecasted in the February monetary policy committee meeting.

While releasing April monetary police statement today, the governor bank of Uganda Prof. Tumusiime Mutebire said that Uganda’s economic growth is projected to grow by 6.5% in the next three years.

He said that this positive development is premised on the external scenarios, strong private and public investment, improved agriculture and others

He however said that despite all this private sector credit has remained week thus affecting future investments.

Consequently bank of Uganda has maintained central bank rate at 9% to counter current inflation especially annual headline inflations which now stands at 2%.

The post Bank of Uganda projects 6.5% growth in the next three years first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2018/04/09/51351/feed/ 0 Auditor General starts in depth audit on BOU over defunct banks https://www.weinformers.com/2017/11/28/auditor-general-starts-in-depth-audit-on-bou-over-defunct-banks/ https://www.weinformers.com/2017/11/28/auditor-general-starts-in-depth-audit-on-bou-over-defunct-banks/#respond Tue, 28 Nov 2017 12:56:21 +0000 http://www.weinformers.com/?p=50323 The Auditor General has started carrying out an in-depth audit over the bankruptcy of defunct banks taken over bank of uganda. This came after the parliamentary committee on commissions, statutory Authorities and state enterprises told the Auditor general to interest its self in carrying out a special audit in the processes of defunct bank take […]

The post Auditor General starts in depth audit on BOU over defunct banks first appeared on Uganda Multimedia News & Information.

]]>

Auditor-General Edward Ouko

The Auditor General has started carrying out an in-depth audit over the bankruptcy of defunct banks taken over bank of uganda.

This came after the parliamentary committee on commissions, statutory Authorities and state enterprises told the Auditor general to interest its self in carrying out a special audit in the processes of defunct bank take over by bank of Uganda.

READ: BOU officials grilled over hiring external lawyers to battle court cases

A number of Banks have been dissolved by the Central Bank which includes Crane bank, Cooperative bank, Green land bank, International credit bank, Global trust bank, Nile bank and National bank of commerce.

This was revealed by the committee Chairperson and Bugweri County Member of Parliament (MP), Abdul Katuntu during a committee interface with the officials from Bank of Uganda led by the Deputy Governor, Louis Kasekende.

 The Bank of Uganda officials were appearing before the committee expects this report within 90 days.

Katuntu said that the audit should cover aspects of cost of liquidation, assets, liabilities and the status of all the defunct banks.

He said that as a committee had realized that Bank of Uganda has never accounted to any institution about that process of liquidation of defunct banks.

Katuntu said that the defunct banks were public institutions which had a lot of securities which were liquidated.

Katuntu further revealed that audit is going to be married by another audit to find out what has led to the collapse of the defunct banks.

ALSO READ: Bank of Uganda’s accountability of 200bn shillings questioned by Parliament

The post Auditor General starts in depth audit on BOU over defunct banks first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2017/11/28/auditor-general-starts-in-depth-audit-on-bou-over-defunct-banks/feed/ 0 BOU officials grilled over hiring external lawyers to battle court cases https://www.weinformers.com/2017/11/22/bou-officials-grilled-over-hiring-external-lawyers-to-battle-court-cases/ https://www.weinformers.com/2017/11/22/bou-officials-grilled-over-hiring-external-lawyers-to-battle-court-cases/#respond Wed, 22 Nov 2017 12:14:28 +0000 http://www.weinformers.com/?p=50165 The Bank of Uganda officials led by the deputy governor bank of Uganda Louis Kasekende were grilled before the parliamentary committee on commissions, statutory Authorities and state enterprises over hiring external lawyers to battle court cases which are against central bank. The committee chaired by the MP for Bugweri county Abdul Katuntu had summoned the […]

The post BOU officials grilled over hiring external lawyers to battle court cases first appeared on Uganda Multimedia News & Information.

]]>

Bank of Uganda appearing before the committee

The Bank of Uganda officials led by the deputy governor bank of Uganda Louis Kasekende were grilled before the parliamentary committee on commissions, statutory Authorities and state enterprises over hiring external lawyers to battle court cases which are against central bank.

The committee chaired by the MP for Bugweri county Abdul Katuntu had summoned the bank of Uganda governor to explain why they seek services of private lawyers to represent the bank of Uganda in court yet the bank has a legal department with legal officers who could have battled the cases in court

ALSO READ:World’s Best Airlines for 2018

Among the notable cases is the ongoing crane bank case against bank of Uganda which is being pursued by the private lawyers on behalf of bank of Uganda.

The committee members who include the woman MP Koboko district Margaret Babadiri, Kitgum municipality MP Beatrice Anywar ,Bukedea district woman MP Anita Among and Abdul Katuntu pinned Bank of Uganda officials for not utilizing the services of the office of the Attorney general as the government principal legal advisor to battle some of the cases brought against bank of Uganda instead of wasting tax payers money on hiring external layers.

Katuntu  said that government should guide the its institutions  on what point they should seek external lawyers service to cut costs spent on private layers yet there is Attorney general paid to deal with court cases.

However the deputy governor Louis Kasekende and bank of Uganda legal officer Margaret Kasule said that the central bank legal department is under staffed hence resorting to hiring the private lawyers.

the commitee gave officials from Bank of Uganda up-to Thursday to submit the total legal fees they have paid to external lawyers since 2013.The fees must also include those paid to lawyers in the case between Bank of Uganda and Crane Bank.

ALSO READ:Health plus to skill young people in Busoga

The post BOU officials grilled over hiring external lawyers to battle court cases first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2017/11/22/bou-officials-grilled-over-hiring-external-lawyers-to-battle-court-cases/feed/ 0 Uganda’s economy under threat https://www.weinformers.com/2016/05/27/ugandas-economy-under-threat/ https://www.weinformers.com/2016/05/27/ugandas-economy-under-threat/#respond Fri, 27 May 2016 08:58:51 +0000 http://www.weinformers.com/?p=45305 Ugandans have been asked to prepare for the worst in monetary terms as the bank of Uganda is trying to control the impacts of exorbitant government spending in the past elections. According to Musa Lwanga a researcher at Economic policy research centre, there was a lot of domestic borrowing by government and subsequent spending which prompted […]

The post Uganda’s economy under threat first appeared on Uganda Multimedia News & Information.

]]> Bank of UgandaUgandans have been asked to prepare for the worst in monetary terms as the bank of Uganda is trying to control the impacts of exorbitant government spending in the past elections. According to Musa Lwanga a researcher at Economic policy research centre, there was a lot of domestic borrowing by government and subsequent spending which prompted central bank to use macro and microeconomic measures to control the likely inflationary tendencies. He explained that what Uganda is now facing, is reduced private investment, less household income, less job creation; all emanating from tough economic policies employed by central bank to contain the sagging economy.
 
According to the report on Campaign financing in Uganda 2015-2016, released by Alliance for campaign finance monitoring over 2.4 trillion was spent during election time.

The post Uganda’s economy under threat first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2016/05/27/ugandas-economy-under-threat/feed/ 0 Bank of Uganda’s accountability of 200bn shillings questioned by Parliament https://www.weinformers.com/2016/04/20/bank-of-ugandas-accountability-of-200bn-shillings-questioned-by-parliament/ https://www.weinformers.com/2016/04/20/bank-of-ugandas-accountability-of-200bn-shillings-questioned-by-parliament/#respond Wed, 20 Apr 2016 06:57:56 +0000 http://www.weinformers.com/?p=44743 Members of parliament on the parliamentary committee on finance have grilled Bank of Uganda and the ministry of finance officials over missing accountability of 200 billion shillings given to bank of Uganda for recapitalization in the ending financial year. This was discovered by members of parliament while meeting the minister of state for planning David Bahati […]

The post Bank of Uganda’s accountability of 200bn shillings questioned by Parliament first appeared on Uganda Multimedia News & Information.

]]> Bank of UgandaMembers of parliament on the parliamentary committee on finance have grilled Bank of Uganda and the ministry of finance officials over missing accountability of 200 billion shillings given to bank of Uganda for recapitalization in the ending financial year. This was discovered by members of parliament while meeting the minister of state for planning David Bahati over a new request to capitalize bank of Uganda.
In a meeting chaired by Kyadondo North MP Robert Kasule Sebunya MPs like Kyamuswa MP Tim Lwanga, Maruzi MP Maxwel Akora , Ntenjeru north MP Amos Lugolobi queried  the ministry officials led by the minister of state for planning David Bahati on why  such huge sums of money were not included in the acceptable accountability  document  of government known as policy statement which was given to parliament for perusal. Members of Parliament said that failure to reflect such money in a policy statement was causing suspicion that such funds were abused some times, yet it could have been used for other unfunded items in  ministries like education and health.
Both the ministry of finance and bank of Uganda officials tried to explain to the committee Members how this huge amount was used but all was in vain. Ntenjeru North MP Amos Lugolobi said that the officials from the ministry of Finance should reconcile their records to show the expenditure of the 200 billion shillings before more 150 billion shillings is approved for capitalization of Bank of Uganda. He said that this is a huge amount of money which cannot be left out without detailed explanation.

Bank of Uganda is about to complete receiving 1.1 trillion shillings for its capitalization.

The post Bank of Uganda’s accountability of 200bn shillings questioned by Parliament first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2016/04/20/bank-of-ugandas-accountability-of-200bn-shillings-questioned-by-parliament/feed/ 0 Parliament passes Public Finance Management Bill https://www.weinformers.com/2015/11/11/parliament-passes-public-finance-management-bill/ https://www.weinformers.com/2015/11/11/parliament-passes-public-finance-management-bill/#respond Wed, 11 Nov 2015 17:16:51 +0000 http://www.weinformers.net/?p=43103 Parliament has passed the Public Finance Management (Amendment), Bill 2015 to borrow 10% from Bank of Uganda without parliament approval. The passed bill allows government to bypass parliament to get money from Bank of Uganda through the Minister of finance and later inform parliament. Members of Parliament amended clause 7 under section 36 2(e) of the […]

The post Parliament passes Public Finance Management Bill first appeared on Uganda Multimedia News & Information.

]]> Bank of Uganda
Parliament has passed the Public Finance Management (Amendment), Bill 2015 to borrow 10% from Bank of Uganda without parliament approval.
The passed bill allows government to bypass parliament to get money from Bank of Uganda through the Minister of finance and later inform parliament. Members of Parliament amended clause 7 under section 36 2(e) of the Public Finance Management (Amendment), Bill 2015 and lowered the percentage from 18% to 10% of estimated revenue collections for only treasury operations and monitory policy.
Parliament also in the amendments passed the contingency fund from 3.5% to 0.5% to cater for natural disasters and 3% to the supplementary budget.

The post Parliament passes Public Finance Management Bill first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2015/11/11/parliament-passes-public-finance-management-bill/feed/ 0 Central Bank Rate up by 1% making it 17% https://www.weinformers.com/2015/10/21/central-bank-rate-up-by-1-making-it-17/ https://www.weinformers.com/2015/10/21/central-bank-rate-up-by-1-making-it-17/#respond Wed, 21 Oct 2015 09:41:09 +0000 http://www.weinformers.net/?p=42917 The Central Bank  raised the lending rate by 1% moving it to now 17% as a way to control the rising inflation in the country’s economy. Announcing the new CBR yesterday, the central bank governor, Prof, Emmanuel Tumusiime Mutebire said, the bank’s forecasts based on the prevailing domestic and external economic conditions and outlook indicates that […]

The post Central Bank Rate up by 1% making it 17% first appeared on Uganda Multimedia News & Information.

]]> Bank of Uganda
The Central Bank  raised the lending rate by 1% moving it to now 17% as a way to control the rising inflation in the country’s economy.
Announcing the new CBR yesterday, the central bank governor, Prof, Emmanuel Tumusiime Mutebire said, the bank’s forecasts based on the prevailing domestic and external economic conditions and outlook indicates that inflation will continue to rise over the course of FY 2015/16.
He also says that the exchange rate depreciation experienced over the last 12 months is yet to feed through completely to prices and will therefore continue to put upward pressure on inflation.
‘The BOU’s inflation forecasts based on the prevailing domestic and external economic conditions and outlook indicate that inflation will continue to rise over the course of FY 15/16’.

The post Central Bank Rate up by 1% making it 17% first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2015/10/21/central-bank-rate-up-by-1-making-it-17/feed/ 0 MPs caution BOU against spending money without Parliamentary approval https://www.weinformers.com/2012/10/22/mps-caution-bou-against-spending-money-without-parliamentary-approval/ https://www.weinformers.com/2012/10/22/mps-caution-bou-against-spending-money-without-parliamentary-approval/#comments Mon, 22 Oct 2012 15:12:07 +0000 http://www.weinformers.net/?p=27113 The parliamentary committee on public accounts has directed the deputy secretary to treasury Keith Muhakanizi to bring evidence explaining circumstances under which 2.5 trillion shillings was drawn from the national reserves in FY2009/10 without the approval of Parliament as required by the law. MPS on the  money was withdrawn illegally from the reserves as it […]

The post MPs caution BOU against spending money without Parliamentary approval first appeared on Uganda Multimedia News & Information.

]]> The parliamentary committee on public accounts has directed the deputy secretary to treasury Keith Muhakanizi to bring evidence explaining circumstances under which 2.5 trillion shillings was drawn from the national reserves in FY2009/10 without the approval of Parliament as required by the law.

Keith Muhakanizi, Deputy Secretary to the Treasury

MPS on the  money was withdrawn illegally from the reserves as it exceeded the authorized 18% figure of the year’s national budget.

Appearing before this committee chaired by Kassiano Wadri, Muhakanizi  said that  part of this money was used to purchase military jets while another part was used to finance what he called government programs and projects.

He said that in that financial year , government bought military equipment but didn’t seek parliamentary approval fearing that this matter was sensitive to have leaked to the public.

Muhakanizi said that  this money was advanced to government by Bank of Uganda for what he called a good reason because it was for the security of the country.

 

 

Related articles
Enhanced by Zemanta

The post MPs caution BOU against spending money without Parliamentary approval first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2012/10/22/mps-caution-bou-against-spending-money-without-parliamentary-approval/feed/ 1 URA’s Allen Kagina concerned on Petroleum and Public Finance Bills https://www.weinformers.com/2012/10/20/uras-allen-kagina-concerned-on-petroleum-and-public-finance-bills/ https://www.weinformers.com/2012/10/20/uras-allen-kagina-concerned-on-petroleum-and-public-finance-bills/#respond Sat, 20 Oct 2012 18:34:33 +0000 http://www.weinformers.net/?p=27083 Uganda Revenue Authority says it is satisfied with the petroleum bill in its current form but still has issues with the public finance bill. The Commissioner General Allen Kagina says they initially had issues with both bills but after meeting the ministers of finance and energy some issues were cleared with only a few others […]

The post URA’s Allen Kagina concerned on Petroleum and Public Finance Bills first appeared on Uganda Multimedia News & Information.

]]> Uganda Revenue Authority says it is satisfied with the petroleum bill in its current form but still has issues with the public finance bill.

The Commissioner General Allen Kagina says they initially had issues with both bills but after meeting the ministers of finance and energy some issues were cleared with only a few others still pending.

She says that they had agreed to delete some clauses in the finance management bill that restricted URA to only collection which is a very narrow and incapacitating provision.

URA boss, ALlen kagina

Kagina also says that if URA’S submission is considered the bill will be aligned to the income tax act that stipulates penalty and the petroleum exploration development and production bill.

She now urges parliament to consider the URA’s submissions if the finance management bill is to be helpful to the country.

Before they went on recess, the MPs were handling the oil bills but failed to reach a conclusion following disagreement between parliament and the executive on the powers given to the minister in the bills.

The MPs said that the minister was given too much powers compared to the roles of other stake holders.

 

 

Related articles
Enhanced by Zemanta

The post URA’s Allen Kagina concerned on Petroleum and Public Finance Bills first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2012/10/20/uras-allen-kagina-concerned-on-petroleum-and-public-finance-bills/feed/ 0 MPs to make access to health a human right https://www.weinformers.com/2012/10/17/mps-to-make-access-to-health-a-human-right/ https://www.weinformers.com/2012/10/17/mps-to-make-access-to-health-a-human-right/#respond Wed, 17 Oct 2012 20:06:26 +0000 http://www.weinformers.net/?p=26902 Members of Parliament are planning embark on the process of amending the constitution to make access to health a human right. Members of parliament under their umbrella body the Network for African Women Ministers and Parliamentarians-Uganda chapter say that the right to health is not well stipulated in the constitution of Uganda which may be […]

The post MPs to make access to health a human right first appeared on Uganda Multimedia News & Information.

]]> Members of Parliament are planning embark on the process of amending the constitution to make access to health a human right.

Members of parliament under their umbrella body the Network for African Women Ministers and Parliamentarians-Uganda chapter say that the right to health is not well stipulated in the constitution of Uganda which may be affecting the funding of the sector.

The chairperson of the Network for African Women Ministers and Parliamentarians-Uganda Chapter Slyvia Namabidde says that they are waiting upon the Attorney General to introduce the constitutional amendment bill to entrench the Right to health in the country’s supreme law.

Namabidde is optimistic that if the constitution clearly stipulates the right to Health for access, this would motivate government to consider the health sector one of its priorities.

 

 

Related articles
Enhanced by Zemanta

The post MPs to make access to health a human right first appeared on Uganda Multimedia News & Information.

]]> https://www.weinformers.com/2012/10/17/mps-to-make-access-to-health-a-human-right/feed/ 0