Kampala, Uganda | THE INDEPENDENT | The Uganda Bankers’ Association has said that commercial banks have restructured loans to a tune of 2.02 trillion Shillings as a result of the effects of the COVID-19 lockdown on businesses. According to the Association’s Executive Director Wilbrod Owor, in the first month of …
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Kampala, Uganda | THE INDEPENDENT | Lenders in Uganda are staying away from approving loans as prospects of repayment look grimmer than ever, a government report says. According to the Ministry of Finance May performance of the economy report, the value of loans approved by banks in April fellow by 67.9 …
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Kampala, Uganda | THE INDEPENDENT | The management of police Savings and Credit Cooperation –SACCO has extended the ban on acquisition of loans. Several police officers said they had tried to get loans or withdraw their savings but in vain. They added that police management led by the SACCO Chairperson …
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Kampala, Uganda | THE INDEPENDENT | Countries and organizations in Europe under their umbrella Team Europe have announced plans to provide 125 Million Euros (about Shillings 518 billion) in loans to support small and medium Ugandan enterprises to recover from coronavirus impact. In a statement issued on Monday, Team …
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Kampala, Uganda | Khisa Isaac | Uganda Development Bank (UDB) is considering reducing interest rates by two percentage points to 10% on loans to be advanced to local companies involved in various productive activities as the coronavirus containment measures takes toll on the economy. This development comes in the wake of the …
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Kampala, Uganda | THE INDEPENDENT | The COVID-19 lockdown has affected the operations of village saving groups in Mbale district as members are failing to repay loans advanced to them. The banks give out loans to especially subscribed members who operate petty businesses and farming. The loans usually range from …
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Kampala, Uganda | THE INDEPENDENT | Government has revised its proposal to borrow money to mitigate the effects of coronavirus by up to 1.3 trillion shillings. On April 2, the government presented a motion to borrow up to 1.7 trillion shillings to cushion the economy from the effects of COVID-19. …
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Kampala, Uganda | THE INDEPENDENT | Traders in Kampala have asked the government to lobby for free interest loans for their businesses that were affected by the outbreak of COVID-19. In March, President Museveni issued several measures to combat the spread of the virus. They included restrictions on the movement of …
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Washington, United States | AFP | The IMF on Wednesday approved a sh1.8 trillion ($491.5 million) emergency loan for Uganda and another $739 million for Kenya as the countries deal with the coronavirus pandemic. Both face severe economic shocks amid efforts to contain the spread of COVID-19, the Washington-based crisis …
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Kampala, Uganda | THE INDEPENDENT | Economists have cautioned the government against taking loans to stimulate the economy in the course of COVID-19 lockdown. They say that relying on loans is a bad idea that could leave Uganda in more trouble. The caution comes amid a scramble by African countries …
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