Daily Monitor
Tuesday May 11 2021
Summary
Covid-19. 2020 was a difficult year in the banking sector as borrowers capacity to repay loans was highly impacted by the pandemic.
Advertisement
Compared to tourism or education which continues to suffer the brunt of Covid-19 and the resultant containment measures instituted by the government to control the spread of the pandemic, the banking sector seems to be sailing through the tides rather unscathed as evidenced by the profit margins the industry players closed their accounts with.
Apart from banking and telecommunications, most economic sectors, including the Micro, Small and Medium enterprises continue to take a hit as the battle to contain the Covid-19 pandemic takes shape, thanks to the availability of a vaccine whose uptake remains disturbingly low.
Daily Monitor
Monday April 26 2021
Summary
Government has accumulated a staggering Shs65trillion public debt, up from Shs49trillion in 2019, with officials justifying that they borrowed the money to finance key infrastructural projects 9in transport, oil and gas sectors.
The country’s debt is set to surpass the 50 per cent threshold in 2022.
Advertisement
This means that of the estimated 43 million Ugandans, each one owes lenders Shs1.5 million.
The country’s public debt portfolio is projected to swell in the next financial year, with economists warning that it could surpass the 50 per cent threshold-hence becoming untenable.
Debt held by the public is often expressed as a percentage of Gross Domestic Product (GDP), which measures the capacity of the economy to support such borrowing. This is particularly useful in comparing debt levels over time and among countries of different sizes.
A year later, SMEs still await stimulus
Tuesday April 06 2021
Closed shops in Kampala after the country recorded the first case of coronavirus in March. Businesses were ground to a standstill to limit the spread of the virus. PHOTO/Rachel Mabala
Summary
Economy limps. Since March 11, 2020 when Uganda reported the first case of Covid-19, several businesses and the economy suffered the wrath of the pandemic. But where is the stimulus package to help businesses bounce back?
Advertisement
Despite the ongoing Covid-19 vaccination programme a year after the pandemic took its toll on businesses, there is a consensus among most economists that the economy is not out of the woods yet.
Daily Monitor
Tuesday March 02 2021
Finance Minister Matia Kasaija addresses NSSF members. Parliament on February 17 amended Section 24 of the existing by inserting Section 24a, which allows workers mid-term access to their savings. PHOTO | KELVIN ATUHAIRE
Summary
Others legible for mid-term access. A person with a disability who lacks gainful employment or fails to generate income and is unable to make contributions to the Fund for less than one year should access up to 75 per cent of their contributions upon application. The clause was further amended to allow members with disabilities who cease to be employed for a period not less than one year to withdraw 75 per cent of their accrued benefits.
Daily Monitor
Wednesday January 13 2021
Money goes through a money counting machine. In a rare move BOU conducted a conversion of bonds that were due to mature in January 2021. Photo/ File
Summary
Financial stress.
The issuer was trying to avoid a market shock by rolling over huge amounts, with implications of distorting the interest structure but also at same time dealing with huge interest payments, and of course in the grand scheme of things carefully taking a look at the government current fiscal situation,’’ Mr Mr Stephen Kaboyo, the proprietor of Alpha Capital Partners says. says.
Advertisement
The Bank of Uganda’s move to reschedule Treasury bonds worth more than Shs1 trillion which was due for maturity this month has raised some eyebrows.