The Parliament of Uganda has approved a Shs. 451.304 billion (Euro110, 543,947.52) loan request from Standard Chartered Bank to upgrade the 116-kilometer Kitgum-Kidepo tourism road in Northern Uganda.
The approval follows a motion moved by Hamson Obua, the Government Chief Whip, on April 30, 2024 during a plenary session in Parliament to suspend the Rule requiring a report from the Committee on National Economy on the loan.
On Thursday, April 18, 2024, Amos Lugoloobi, the Minister of State for Finance, Planning, and Economic Development, presented the proposal in Parliament, during a plenary session chaired by Speaker Annet Anita Among who referred the loan request to the Committee on National Economy for scrutiny.
The Speaker asked the Government to explain to the Parliament why the approval of this loan had taken over one year remarking,
“This loan has finished more than one and half years between the Ministry of Works, Ministry of Finance, and Attorney General’s Chambers. How can a loan finish over a year in the approval process? You have done the feasibility study, the time value of money should be brought in place,” Among said.
The loan approval comes at the time the Auditor General, John Muwanga put Uganda’s total public debt as of June 30, 2023, at UGX96.16 Trillion, comprising of domestic debt stock of UGX 43.69 Trillion and external debt stock stood at UGX 52.472 Trillion.