Central Financial institution of Uganda Deputy Governor Michael Atingi-Ego informed Parliament’s Finance Committee that the Ugandan authorities owes them Sh2.5 trillion for securities which have matured.
Atingi-Ego made the comment whereas responding to a query from the Deputy Speaker of Parliament Finance, Jane Pacuto Avuri, who mentioned Parliament was not conscious of the N1.2 trillion debt within the subsequent fiscal funds that the federal government intends to pay to the Financial institution of Uganda.
Talking earlier than Parliament’s Finance Committee immediately (Tuesday, January 10, 2023), the Vice President additionally defined that though the federal government tried to get an advance fee from the Central Financial institution of Uganda in 2020/2021, it was by no means applied.
“The two.5 trillion accrued in 2020 when the federal government was struggling to boost cash because of the results of COVID-19 and due to this fact the federal government was unable to pay it at the moment.
It was agreed that 2.5 trillion can be paid inside two years from 1.2 trillion for the subsequent monetary 12 months,” Atingi-Ego elaborated.
The Ministry of Finance notes 2023/2024. within the framework doc of the funds for 2022/2023. elevated by 1.8 trillion from 48.1 trillion within the monetary 12 months, the discretionary fund envelope (sources obtainable for allocation to varied authorities items for doing authorities work) has decreased by 2.5 trillion because of the projected improve in curiosity liabilities and the Financial institution of Uganda’s reimbursement legal responsibility.
Michael Atingo-Ego, Financial institution of Uganda Vice President earlier than the committee
Amos Lugolobi, Minister of State for Finance earlier than the Finance Committee
Michael Atingo-Ego, Financial institution of Uganda Vice President (proper) talks to Members of Parliament after a committee session the place Financial institution of Uganda offered
Godfrey Ekanya, Member of Parliament Tororo North Constituency asks questions on the committee assembly
Keefa Kiwanuka, Chairman of the Finance Committee
Amos Lugolobi, Minister of State for Finance