Uganda buys far more from foreign countries than it sells abroad, creating a massive $4.6 billion trade gap. Because international sellers only accept US dollars, local traders are constantly scrambling to buy greenbacks, driving the dollar’s value up and shilling down.
"It is very sad to learn of the death of our brother Hon. Charles Matovu, former Member of Parliament for Busiro South, who passed on yesterday. Hon. Matovu represented his people with vigor and utmost dedication in the 11th Parliament. He was a member of the Parliamentary football team, where his tremendous contribution led us to dominate the East African Parliamentary games. My condolences go out to his family, the people of Busiro South, and the country at large. May he rest in eternal peace., Tayebwa said.
General Moses Ali belonged to a generation that witnessed colonial rule, independence, military governments, civil conflict, and national reconstruction. Admired by supporters for his endurance and commitment, and viewed by others through the complexities of Uganda’s political history, he remained one of the country’s most consequential public figures.
The tractors are a component of the mechanization program that President Museveni started in December 2022 to help Ugandan farmers. Noting that agriculture continues to be the foundation of Uganda’s economy, Nabbanja asked local authorities to assist farmers in adopting modern farming practices.
The directive is in accordance with section 89(1) of the Tier 4 Microfinance Institutions and Money Lenders Act, which states that the maximum interest rate that a money lender shall charge on the principal or the actual sum of money advanced as a loan to a borrower is two point eight percent (2.8%) per month or thirty-three point six percent (33.6) per annum.
Before the government makes any financial commitment to a company, there must be due diligence done, and it is imperative for the government to prioritize accountability in all public expenditures, particularly in high-stakes commitments such as Dei Biopharma Company.
The National Social Security Fund (NSSF) has announced an interest rate of 11.5% for the financial year 2023/2024, an increase from the 9.7% that was declared the previous year.