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Govt Seeks to Borrow Another Shs1 Trillion to Fight COVID-19

Government has submitted another supplementary budget request of more Shs1.09 trillion to fight Covid-19 with only two weeks remaining to the end of the financial year.

State Minister for Planning David Bahati, who tabled the budget before Parliament on Tuesday, said that the money will be borrowed from the World Bank and the IMF.

According to the request, Shs89b will go to the Ministry of Health for buying testing kits, procurement of facemasks, buying mobile tents and lavatories in preparation for school opening and surveillance in border districts.

Shs455.18b will be given to the Uganda Development Bank (UDB) to support the manufacturing sector that will be adversely affected by the Covid-19 pandemic.

Shs50b will be transferred to the Microfinance Support Centre Limited to support the micro and small enterprises through the Savings and Credits Cooperative Society (SACCOs) and other microfinance institutions.

Shs223b will go towards payment of local service providers such as tea seedling suppliers and power and water utilities.

Shs17.18b will be given to the Ministry of Science, Technology and Innovation to support scientists and innovators engaged in Covid-19 interventions.

Speaker of Parliament Rebecca Kadaga referred the supplementary request to the Budget Committee for scrutiny.

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This is the third supplementary budget to be brought to parliament in the 2019/20 financial year budget of 42 Trillion. The supplementary schedule number 1 and 2 that was approved on April 8 was amounting to Shs923b. This included Shs284b for the fight against covid-19 and Shs400b for defense classified equipment among other expenditures.

 

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