Uganda Receives 1.1 Trillion Ugandan Shillings From World Bank

By Soko Directory Team / July 2, 2020 | 11:04 am



Kill the Gays

On June 29th, 2020, the World Bank Board of Directors approved a $300 million9 (1.1 trillion shillings) budget support operation for Uganda.

This money is meant to help Uganda boost the Government’s capacity to prevent, detect and treat the coronavirus, protect the poor and vulnerable population, and support economic recovery, according to World Bank.

This budget has been termed “The Uganda COVID-19 Economic Crisis and Recovery Development Policy Financing.” It is aimed at addressing the fiscal financing gap while supporting reforms that will provide immediate relief to individuals and businesses that have been most affected by the pandemic.

This recovery budget drafted by the World Bank to Uganda is the first budget support operation in more than 6 years.

“The COVID-19 pandemic has had a significant impact on the economy and livelihoods. This budget support operation will enable the Government to provide vital services, social safety nets, and a more robust shock-responsive system for the long term, and the economy to recover faster,” said Tony Thompson, World Bank Country Manager for Uganda.

Uganda has so far recorded 889 COVID-19 cases as of 1st July 2020 with no recorded deaths and the country is still under a partial lockdown, with restrictions on travel, banned public gatherings and closed schools and businesses.

“To secure financing, Uganda has undertaken policy measures that directly benefit many low-income households. Farmers will be supported to access high quality agricultural inputs, seeds, and fertilizers using e-vouchers to boost nutrition and food security. Social protection programs through cash for work labor-intensive programs will be expanded to benefit 500,000 individuals while the current senior citizen grant will cover an additional 71 districts to support the elderly.” Says a statement from World Bank.

According to world Banks, businesses in distress will receive tax relief alongside the liquidity measures from the Central Bank to commercial banks, microfinance institutions and credit institutions that allows them to provide a moratorium on loan repayment for businesses and individual borrowers that have been affected by the pandemic for up to 12 months.

In addition, the Government has committed to stronger transparency and management of state-owned enterprises’ debt and payment of domestic arrears to suppliers, this is to stimulate the recovery of the private sector.

By Nsunjo Erica





About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author







Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (336)
  • June 2020 (329)
  • July 2020 (335)
  • August 2020 (46)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (320)
  • 2018
  • January 2018 (291)
  • February 2018 (219)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (185)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950