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Government Makes Second Withdraw from Oil Fund Before Production Commences

Government has withdrawn an extra Shs. 200billion (approx. $54 million) from the petroleum fund, Finance Minister Matia Kasaija announced in a statement on the Ministry website. The withdrawn money, Kasaija said, is meant to help finance Uganda’s 2018-2019 spending plan which includes development of infrastructure including power plants and roads. This becomes

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2017-18 Budget: Winners and Losers, Cuts and Boosts

Parliament has approved Uganda’s 2017-18 national budget totalling to Shs 29 trillion. This followed the discussion of a report by the Budget Committee. Today, finance minister Matia Kasaija will read the budget at Kampala Serena Hotel. WINNERS But a look at the allocations reveals that nine dockets have received a boost in their budgets

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BREAKING: Gov’t Takes Over Indebted Uganda Telecom Ltd

Finance minister Matia Kasaija has announced government takeover of telecommunication company Uganda Telecom Limited (UTL) after Ucom, a subsidiary of Libya Posts, Telecommunications and IT Company (LPTIC), who owned majority shares amounting to 61 per cent, said they would no longer fund the company. Ucom also directed the resignation of its

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