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Finance Ministry Seeks To Borrow Shs 3.5 T

Bethel | 95timefm


The Finance State Minister, Henry Musasizi has asked Members of Parliament to approve up to Shs3.5 trillion to finance the Shs48.1 trillion budget.

The first loan request which is up to Shs1.7 trillion, is to be sourced from the Standard Chartered Bank.

Musasizi defended the loan, saying it is intended to “help pay outstanding infrastructure certificates among others to avoid accumulating arrears during the financial year” adding that because of financial constraints, government managed to only finance seven per cent of the different votes’ development expenditure, which he said will have an effect on budget performance and economic recovery.