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Government to borrow 1.7 trillion Shillings to finance budget

By: Melanie Aanyu

Aanyu Melanie | 95timefm

The government intends to borrow 1.73 trillion Shillings to finance the country’s development and infrastructure budget for the current financial year.

Media reports indicate that the Minister of Finance, Matia Kasaija has already submitted to Parliament a formal request to borrow money from the Standard Chartered Bank and other financial institutions.

The National Economy Committee has also been notified of a meeting on Monday to urgently consider the government request.

According to a meeting notice, the National Economy committee is expected to present a report to parliament on Wednesday, November 2, 2022 to consider the urgent assignment of scrutinizing the request by the government to borrow up to Euro 455.03 million to finance the development and infrastructure budget for the financial year 2022/2023.