President Museveni, who will be the chief guest and accompanied by the Minister for ICT and National Guidance Dr. Chris Baryomunsi is expected to discuss modalities and important strides reached at in Uganda’s trajectory to achieving her National Development Plan (NDP) III goals.
The forum tailored under the theme; “Achieving Uganda’s NDP III Goals; How Intellectual Property, Digital Trade and 4IR can facilitate an inclusive and robust digital economy”, will run from 20th to 21st October.
With key public policy players present including President Museveni, highly innovative youth will use the forum as a platform to display technology – based ideas, addressing digital transformation and amplifying digital inclusion in Uganda, with the most distinguished idea being a win comprehensive incubation opportunity, with the Youth Startup Academy Uganda.
The event will attract keynote speakers, panelists, high end government policy makers, permanent secretaries, heads of government parastatals, economists, lawyers, representatives from civil society organizations, finance and planning sector and academicians whose participation is vital to discuss the issues at hand.
Speaking at the press launch for the symposium which took place on 14th October at Serena Hotel Kampala, Shem Ddungu, Equity digital banking manager shared the bank’s commitment in driving innovation towards the development of Uganda’s digital economy through its different digital banking platforms.
“We can’t run away from digitization as we look to transform our businesses. We must prioritize cyber security and data privacy and when KTA reached out, it was clear that we had to be part of this,” said Priscilla.
The symposium aims at facilitating dialogue between policy makers, regulators and relevant stakeholders on how technology and intellectual property can be harnessed to realize objectives under NDP III goals. It will also be a practical session – a pitch competition for young entrepreneurs in Uganda’s tech space.
It also aims at directly influencing related government policy on key intellectual property issues and to equip members and regulators in the technology and innovation sector with a platform to discuss the salient issues that affect the sector and how these can be addressed through legislation or policy.
Major topics to be deliberated on include; Intellectual property (IP), science, technology and innovation as key drivers to technology, The Internet of Things (IoT) and Big data to achieve the NDP III goals, which include financial technology, digital trade in Uganda and commercialization of IP rights.
MTN Uganda’s new CEO Sylvia Mulinge to focus on digital solutions
The cost of internet and infrastructure remains a big challenge to the telecom
independent.co.ug, October 12, 2022 | THEINDEPENDENT | On October 4, Sylvia Mulinge took over as Chief Executive Officer at MTN UgandaMTN Uganda, succeeding Wim Vanhelleputte, who assumed a new role in the West African market, a move that makes her the first female to run the biggest telco.
The New MTN Uganda CEO, Sylvia Mulinge (L) receives tools of office from the Board Chair, Charles Mbiire (L). (C) is the MTN Uganda CFO, Andrew Bugembe.
Mulinge, an alumnus of the University of Nairobi, will focus on spearheading the delivery of the Ambition 2025 strategy whose intent is to play a leading role in providing digital solutions for Africa’s progress through driving industry-leading connectivity operations, creating shared value, and accelerating portfolio transformation.
She takes the rein at the time businesses including telecoms are grappling with high commodity prices, inflation, geopolitical conflicts, and low demand. This also coincides with the telecom’s dislike for taxes on data and handsets claiming that it has lowered the uptake of smartphones among the population and thus keeping internet costs high. Currently, the government charges 18 percent VAT and 12 percent excise duty on mobile phones, in addition to a raft of other levies and taxes on data.
“I am ready to build on my predecessors’ achievements to steer the continued growth of MTN Uganda through strategic partnerships and leveraging MTN’s brand as the most trusted and valued by all consumers and stakeholders in Uganda,” Mulinge said.
She further added that she was looking forward to a good working relationship with various stakeholders including MTN staff, shareholders, regulators, business partners, and the government so that the company can operate in a conducive environment, close the digital divide, and ensure that everyone accrues the benefits of a modern connected life.
“When I looked at the statistics for Uganda, I saw that a lot of work has been done with support from the government and the regulator to enable us provide the coverage that is required,” Mulinge said.
“But when you look at that versus the usage that is being achieved, there is a big gap. And one of the challenges is not only about the capacity to consume because of price, but also the infrastructure.”
MTN Uganda Chairman Charles Mbire said: “We are very confident that our CEO’s passion for transforming customers’ lives, leadership, and women empowerment using technology will help drive our accelerated growth, positioning MTN for greater relevance ahead.”
Mulinge who has been serving as the Chief Consumer Business Officer at Safaricom PLC since 2018, is credited for driving the company’s customer obsession strategy to deliver long-term shareholder growth as well as creating preference for the Safaricom brand.
Since joining Safaricom PLC in 2006, Mulinge served in various roles including Prepay Product Manager, Head of retail, Head of Safaricom Business – Sales, General Manager, Enterprise Business, and Director, Consumer Business.
Mulinge began her career in 2004 at Unilever Kenya, working as the Assistant Regional Brand Manager in the laundry division, based in South Africa.
She joins MTN Uganda nine months after listing on the Uganda Securities Exchange in December last year, enabling thousands of Uganda to own a share of the company.
MTN Uganda had 16.3 million subscribers, 9.8 million Mobile Money users, and 5.7 million active data users as of the end of the second quarter of 2022.
Stanbic Bank joins parent company, Standard Group to mark 160 years of its existence
eagle.co.ug, October 14, 2022 | Stanbic Bank has joined its parent company, Standard Group to mark 160 years of its existence. Established in 1862 in the small town, of Port Elizabeth, Standard Bank Group is the largest commercial bank in Africa, operating in over 20 countries around the continent. In Uganda, Kenya, Tanzania, and South Sudan, it operates under the brand name Stanbic Bank.
File Photo/Courtesy: Stanbic Bank joins parent company, Standard Group to mark 160 years of its existence
Speaking at Serena hotel, Anne Juuko, the Chief Executive said: “Today is a special day for us in the history of our mother company, Standard Bank Group but also in Uganda as Stanbic bank in Uganda. The Group employs over 50,000 staff members directly and indirectly and serves over 15 million customers,”
She said the group has flown the same flag and the motto; ‘let the standard go forward’ and still honors the principles on which it was founded. Today we are extremely honored to hold a dual celebration because we were not only celebrating 160 years of existence but also 60 years since Uganda got its independence.
The bank reaffirmed its commitment to the communities which it serves. This month, the bank is marking Customer service month through Cooperate Social Responsibility (CSR) activities. The bank has injected over Shs 2billion into the maternal sector, education, agricultural sector and sundry and pledged to give more to the communities which have supported them over the last 60 and 160 years.
“Our commitment to integrity, serving customers, honoring our customers’ wishes, and fair and trading practices will not change. As Tumubweine Twinemanzi, the Executive Director of the Bank Supervision Directorate of the Bank of Uganda (BoU) said, we are the most transparent financial institution. When CBR goes up, we go up, when it goes down, we follow suit. The level of transparency is what our customers can continue to hope for,” she said.
“We have walked this journey with customers who had businesses right from single rooms in basements and two staff members and today they are running multibillion-dollar companies employing thousands of Ugandans and paying billions in taxes. That is the journey we continue to honor,” she said
She said as part of their celebrations, they have partnered with Uganda coffee farmers. “When you think of a coffee farmer, you don’t imagine that a fresh 25-year-old girl will come out to say, I am a coffee farmer but we have found them and we are working and supporting them because we know that the future belongs to them and it is our job to support them,” Anne said
Twinemanzi congratulated Standard Bank Group on 160 years milestone. He said every month; BoU holds meetings with the Chief Executive Officers of Commercial (CEO) banks they confer awards to the Best Primary dealers in Government Securities.
He said since BoU embarked on recognizing commercial banks, Stanbic has a record of having won six consecutive awards.
“Stanbic bank was the first bank to apply and get an electronic wallet. We take into consideration of its Stanbic Purchase Managers Index (PMI) when passing monetary policy. You have heard about the sector being abused for high-interest rates but when the CBR rate goes up, they do and when it goes down, they follow suit. For other banks, the interest rate remains up.” he said
“The 160 years is a great milestone but don’t get too comfortable because what got here won’t get you there. The things you have done to where you are today are not the same that will keep you there or take you where you want to be,” he said
He urged the company to continue innovating, avoid arrogance, bureaucracy and complacency to the company to remain on track for more successive years.
Prof. Patrick Mangheni, the Board Chairman, of Stanbic Bank Uganda said, “As a senior corporate citizen of Africa, our challenge and responsibility as Standard Bank Group is to nurture the young businesses to grow into solid, thriving enterprises that will create jobs, pay taxes and drive Uganda or Africa’s growth. This should be our mission for the next 160 years to nurture the next generation of Africa’s businesses. I am happy to note that we have already started on this work in one way or another,”
He said Stanbic Bank on its own has a rich heritage dating back 116 years, right from 1906, when it used to be the National Bank of India. After several name changes, it rebranded to Grindlays Bank. It is in 1991 after the Standard Bank Group acquired Grindlays Bank and it was given a new name Stanbic Bank (Uganda) Limited.
“In February 2002, Standard bank group acquired 90% of the shareholding in Uganda Commercial Bank Limited, which was a government-owned bank. UCB was then merged with Stanbic Bank (Uganda) Limited and that is how it became Uganda’s largest commercial bank by assets and branch network,” he said
In April 2019, Stanbic Bank Uganda reorganized its corporate structure and created a Holding Company called Stanbic Uganda Holdings Limited and Stanbic Bank became its Subsidiary. Since then, Stanbic Uganda Holdings has grown and today has four more subsidiaries which include; Stanbic Properties, Stanbic Business Incubator, SBG Securities and FlyHub.
The first phase of the Kiira vehicle plant facilities include an assembly shop, a warehouse, in-plant circulation roads, perimeter fence, waste water treatment plant, site drainage and utility distribution.
Mr. Tayebwa said he was impressed by the work being done by the National Enterprise Corporation, a commercial arm of the UPDF.
“This [project] is a true testimony that the moment you believe in your national capabilities, you can move mountains. Our very own National Enterprise Corporation is the one putting up such a massive project”, he noted, pledging that Parliament, where he is a deputy speaker would do all that it takes to ensure successful completion of the vehicle plant.
“This project still needs more support and it shouldn’t be a project which is only championed by the president alone but by all of us,” the deputy speaker said.
He added: “this is a key project for the nation and it’s something we’re proud of as a country.”
Mr. Tayebwa also urged Kiira Motors Corporation to run the facility the with a private sector mindset.
“I urge you, don’t run like a government institution. I have been reading through reports, most of the government institutions are practicing cooperate governance,” he said, also warning staff not run like a public servants.
“Those who perform, should get out of the way, we bring in others. Don’t only look at it as a business, but look at it as a springboard for training more Ugandans so that they can go and work in other manufacturing factories”.
He said no country has fully transformed without venturing into industrialisation and manufacturing.
The plant sits on 100 acres of land. The facility will start production at 9 buses a day, ramped up to 22 later.
In August last year, President Museveni directed that Shs141 billion, which would have been spent on the construction of a road, be given to Kiira Motors Corporation (KMC) to complete the building of their vehicle plant project.
President Museveni, who laid a foundation stone at the plant in Jinja Industrial Park said the completion of the plant will produce quicker results than the road to be constructed.
KMC is a state enterprise aimed at establishing vehicle manufacturing in Uganda.
File Photo/Courtesy: Anne Juuko, the Chief Executive (CE) of Stanbic Bank Uganda.
In a bid to recognize its customer during the customer service week, Juuko said the first market was held at railway grounds in Kampala. All throughout this month, we are going to celebrate our customers throughout the entire country. The market day will be held in Mbale, Mbarara and Fort Portal and in each of the regions; the bank will be promoting customers’ activities and creating a market for their businesses.
“This week is the global customer service week. There are many ways you can celebrate your customer. We have said thank you, we have written emails and we thought we can do a little more by putting up markets for customers to showcase their products and services,” she said
She said the market has promoted businesses and many of them have had record sales. This has also promoted business-to-business partnerships where business persons can learn, and trade from each other and how best they can do business.
“What one can do is to be a Stanbic customer and take up stalls provided by the bank. Showcasing is free of charge. I am looking forward to seeing customers talking to each other buying and learning from each other and we intend to do this every year,” she said
“We educate our customers on the fundamentals of doing business. We have heard that a typical Ugandan business doesn’t go beyond its third birthday. The ideas are good, and there are customers but because there are poor cooperate governance practices, they die at stillbirth. So we want to educate them on how they can grow their businesses and thrive.”
She said no country has ever developed to the Middle-income status and beyond without the engine of growth, and that is the SMEs. It has the potential to employ many more people than any other sector, increase tax collection and add value and GDP to our country.
“The biggest challenge we have found with our customers is lack of record keeping. Customers can’t tell you their monthly sales, or expenses. When they approach us, it is difficult to access them in order to give them loans. Record keeping is good for you as a customer of the bank and knowing how you are doing as a business and tax point of view,” she said
Ministry of Finance launches Insurance Appeals Tribunal to settle disputes within sector players
watchdoguganda.com, October 11, 2022 | The Ministry of Finance, Planning and Economic Development on Tuesday launched the Insurance Appeals Tribunal, an independent body that will review decisions made by the Complaints Bureau of the Insurance Regulatory Authority.
Although Insurance penetration in Uganda is still low, the industry is developing step by step but lack of public confidence has always been a dent in its development.
Speaking during the launch at Mestil Hotel on Tuesday, Rita Namakiika Nangono – the tribunal chairperson noted that the existence of an appeals mechanism through the tribunal would help ensure regulatory and supervisory decisions made within the law are consistent and well reasoned.
“The Tribunal was established as part of the reforms under the amendment of the Insurance Act in 2017. As part of the general reforms related to complaint handling with the others being the Complaints Bureau and The Omudsman, the Tribunal will help solve insurance disputes which would have otherwise been subject to lengthy court processes. This will help build confidence and improve the image of the insurance sector,” she said.
Mrs Namakiika also explained that the role of the Tribunal in the system of administrative law is to review administrative decisions on the merits: that is, to consider afresh the facts and law relevant to a decision under review and decide whether that decision should be affirmed, varied or set aside.
“I am confident that the Tribunal will offer an independent, fair and high-quality review of administrative decisions for the good of the insurance industry and the country at large. The Members of the Tribunal are appointed by the Minister of Finance, Planning and Economic Development after a rigorous vetting process. There is no doubt in mind that they are going to do a splendid job in dispensing their duties,” she said.
The long-awaited Insurance Appeals Tribunal (IAT) is an establishment provided under Section 137(1) of the Insurance Act 2017. Before this act, all disputes were settled by the Minister of Finance.
“The Tribunal will provide an independent and impartial dispute resolution given the mandate that has been bestowed upon it by the law. The Appeals Tribunal will definitely go a long way to enhancing trust and confidence in the insurance complaints management mechanism. As a regulator, one of our core functions is policyholder protection. Among other things, we receive and give rulings on complaints. We are optimistic that with the Appeals Tribunal in place to provide a quality assurance check, the public’s confidence in the entire process will be enhanced,” he said.
Alhaj Lubega added that the Tribunal can uphold, reverse or revoke the decision of the IRA. It can also decide to remit the cause back to the IRA with or without guidance for reconsideration.
While launching the IAT, the Minister of Finance for General Duties, Hon. Henry Musasizi represented by Alhaj Lubega, appreciated the increase in insurance penetration and revealed that the government will ensure that the Tribunal is well-facilitated and well-staffed.
“The law has set timelines within which disputes must be settled. Since the Tribunal was set up in March, it has already been handled on appeal. I commend the members for the service,” he said.
“You should be able to inspire confidence by delivering sound decisions based on facts and the law. Also remain visible and relevant so that your services are utilised, and be independent in all your decisions by being fair,” he said.
Treasury bonds besides other investable instruments offer you very competitive market interest rates.
Bonds can be bought and sold in the “secondary market” after they are issued by the Central Bank on the behalf of the government or by the company/financial institution issuing it for the case of the corporate bonds.
While some treasury bonds can be traded publicly through exchanges, most trade over-the-counter between large broker-dealers acting on their clients’ or their own behalf. A bond’s price and yield determine its value in the secondary market.
File Photo/Courtesy: Bank of Uganda headquarters in Kampala.
Investors or individuals should invest in bonds (buy bonds) because they provide a predictable income stream. Typically, bonds pay interest twice a year. If the bonds are held to maturity, bondholders get back the entire principal. So bonds are a way to preserve capital while investing.
Diversification is the underlying foundation of a well-balanced portfolio for an individual or company, and an asset class, treasury bonds of optimum diversification because of their weak relationship with other asset classes in the market.
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Earning from capital markets
Most bonds provide the investor with “fixed” income. On a set schedule, whether quarterly, twice a year or annually, the bond issuer sends the bondholder an interest payment, which can be spent or reinvested in other bonds.
Stocks can also provide income through dividend payments, but dividends tend to be smaller than bond coupon payments, and companies make dividend payments at their discretion, while bond issuers are obligated to make coupon payments.
“Through the commercial bank, you open a CSD (Central Securities Depository account at Bank of Uganda by filling up and submitting a simplified two-page CSD account opening form,” he said.
Yields at close of business on September 21, 2022
It is advisable to invest in government securities besides other investable instruments in the capital market because they offer you very competitive market interest rates.
Dr Abuka says the securities held by the individual can be liquidated as required at competitive rates in the secondary market, by simply approaching your respective commercial bank.
Government securities can also be used as collateral by the investor for borrowing purposes. This investment option gives the individual an opportunity to diversify their portfolio into an investment with minimal credit risk.
The other benefits of investing treasury bonds include: It helps you to build a sustainable saving culture if the investment is done consistently. You are assured of regular and fixed cashflows since the payment dates for interest and principal are specified. Particularly for SACCOs registered with and licenced by UMRA (Uganda Microfinance Regulatory Authority), their proceeds from investing in government securities are Withholding tax exempt.
In addition, Dr Abuka says treasury bonds allow the investor to receive specific semi-annual coupon (interest) payments over the life of the bond. Interest rates offered and paid on investments in treasury bonds are higher as the tenor of the bond increases.
Regarding, how much money one should have from the lowest to the highest to buy treasury bonds, Dr Abuka says one needs a minimum of Shs100,000 to buy treasury bonds, and incrementally only in multiples of Shs100,000.
“In the primary market, all auction bids of Shs200 million and below fall into the Non-competitive category and will succeed automatically that is, they are price takers. Those of Shs2.1 million and above fall in the competitive category and will specify their preferred price while placing their bids. The secondary market does not categorise between competitive and non-competitive. There is no limitation on the maximum amount for one to buy treasury bonds,” he explains.
Investing treasury bonds does not mean on spot payments. It takes one some time to get paid. Dr Abuka says that one is paid coupons semi-annually on the exact dates specified in the Invitation to Tender at the time of the issue, and the principal is paid with the last coupon on the maturity date of the treasury bond.
Government often issues treasury bills and bonds for fiscal operations purposes. Dr Abuka says to date, the total holding for T-bonds is Shs25.8 trillion and Shs4.8 trillion for T-bills, a total of Shs30.7 trillion.
The bond market is by far the largest securities market in the world, providing investors with virtually limitless investment options.
In terms of the current percentage of government securities held by the offshore investors, computed statistics by the Central Bank show that the holding for offshore investors as at end August 2022 is 10.5 percent of the total.
Government bonds carry lower risk compared to other assets like equities, as the returns are guaranteed by the government. There are some market-related risks, but by simply holding on to the bonds until maturity, you can nullify the risk.
Although investing in treasury bonds is largely a risk free investment, there are some risks to a certain degree.
Dr Abuka says: “Government bonds are thought to be risk free since the government is considered the safest borrower. This is attributed to the fact that these bonds are issued, and their proceeds paid in the local currency over which the government has control over.”
“They however face interest rate risk since rising interest rates will result in falling bond prices, and inflation risk since inflation could reduce the purchasing power of a bond’s future coupon and principal payments,” he added.
The chief executive officer of Uganda Securities Exchange (USE), Mr Paul Bwiso tells Prosper Magazine that individuals can participate in buying bonds through the Uganda Securities Exchange (USE) because it is in the main instruments category in the stock exchange.
Mr Bwiso says the USE has two stock brokers dealing with bonds directly and they include Dyer and Blair and Crested Capital that enables individuals to buy government bonds.
“It is cheap and direct. The investors have the opportunity to invest in government bonds without going through the Central Bank and going to commercial banks to open an account there. Here, we used USE SCD accounts,” he said.
Mr Bwiso added: “For this particular investment segment in bonds; we are working with Centenary bank in the primary market.”
Mr Bwiso said in the recent past, the number of individual investors in bonds via USE has tremendously increased and there are high prospects of growing it further.
To make Uganda’s bond market stronger and more vibrant, Mr Biwso says there is an arrangement going on between USE and the Bank of Uganda to have bonds listed and traded directly at USE. The bond trading at USE will start next year in the second quarter.
The Capital Markets is the part of a financial system concerned with raising capital by dealing in shares, bonds, and other long-term investments.
The chief executive officer of Capital Markets Authority (CMA), Mr Keith Kalyegira said there are two main channels that the individuals can invest in the bonds through directly using banks and indirectly via Collective Investment Schemes (CIS).
Mr Kalyegira says via the indirect channel -the CIS, they have more benefits than banks because the investment is managed by the fund managers and they get better deals in the secondary market. “The CMA is encouraging people to invest in bonds through Collective Investment Schemes, the management of the investment is the fund managers not an individual,” he said.
However, Mr Kalyegira says there is still need to develop a strong fixed income market in Uganda by not just having the treasury bonds being traded but also having a vibrant corporate bond instrument in the secondary market.
“We want the fixed income market to grow. We don’t want to see only the treasury bonds being active, we want more activities in the corporate bonds also. Currently, corporate bonds have higher returns than treasury bonds,” he stressed.
Strong capital markets play a big role in meeting the financial needs of the country’s development projects.
Jockers' Parliament! "We Will Not Respect Your 8 Minute Debate Against Multibillion EACOP Project" – Total Energies to EU Parliament!
spyuganda.com, October 11, 2022 | The European Parliament’s criticism of oil projects in Uganda failed to “respect the fundamental principles” of democracy, TotalEnergies has said.
File Photo/Courtesy: TotalEnergies Exploration and Production expatriates unscathed by European Parliament meddling in Uganda, Tanzania USD($) multibillion Oil & Gas Projects
The company’s chairman and CEO Patrick Pouyanné had been due to speak to the European Parliament today. Total said it would provide a letter instead. The French company will not be represented at the hearing organised by the parliament’s human rights sub-commitee.
The company said the resolution contained a number of inaccuracies “based on serious and unfounded allegations. Unfortunately, it is now too late for this contradictory debate to take place as the European Parliament adopted this resolution without even hearing the company.”
TOTAL’s Letter To EU Parliament
The letter from Pouyanné expressed regret that the Parliament had passed the resolution. He also expressed concern that the institution had not sought any insight from Total before passing the resolution.
“It seems to me that, in this case, the adversarial principle on which the rule of law is based has not been respected in any way whatsoever,” he said. Passing the resolution contained “factual inexactitudes, and statements based on unfounded allegations, some serious, to be most damaging”.
The letter singled out the issue of displacement. The resolution had said that the oil development would see 100,000 people displaced.
Pouyanné said the project had needed to move only 5,000 people, or 723 households, into better quality housing. Some others have opted to move following compensation for farmland.
”Inviting Pouyanné to talk for eight minutes to the sub-committee “does not in any way correct the situation created by this deliberation”, he said. “The adversarial principle can scarcely apply retroactively. You will understand that I do not intend to accept the invitation under these circumstances.”
World Bank to launch new trust fund for emission-reduction grants
reuters.com, David Lawder, October 11, 2022, WASHINGTON | The World Bank said on Monday it is launching a trust fund aimed at pooling public funds to provide grants for projects to reduce carbon emissions, including decommissioning coal-fired power plants.
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo
SCALE will be the new umbrella trust fund for the bank's results-based climate finance activities. Malpass said the World Bank was in the process of capitalizing the new fund, with the aim of launching it at the COP27 climate change conference in Egypt in November.
In a paper provided to the World Bank's and International Monetary Fund's joint Development Committee, the bank said it has identified three areas that are particularly well suited to such results-based financing grants: natural climate solutions based on agriculture, forestry, land-use and oceans; sustainable infrastructure such as energy and transport; and fiscal and financial solutions that directly or indirectly mobilize resources for climate actions.
The bank said the SCALE fund will bring new resources to emissions reduction projects in low- and middle-income countries, help generate larger projects, generate high-quality carbon credit assets and help countries enhance access to international carbon markets.
The World Bank did not identify a projected size for the new fund. The world's biggest multilateral development lender in fiscal 2022, ending on June 30, delivered over US$30 billion in climate-related finance.
But US Treasury Secretary Janet Yellen last Thursday urged the World Bank and other multilateral development banks to shift their business models beyond country-specific project finance and to dramatically boost lending to address climate change and other pressing global needs.
Yellen to an announce first $1 billion Treasury loan for multilateral Clean Technology Fund
wsau.com, October 06, 2022 | WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday will announce a $950 million loan to the Clean Technology Fund (CTF), a multilateral trust fund that helps developing countries accelerate their transition from coal power to clean energy.
File Photo/Courtesy: Janet Yellen, U.S. Treasury Secretary
The contribution, the first of its kind from the U.S. Treasury, makes good on a U.S. pledge made at the 2021 Group of Seven summit alongside other G7 countries, Treasury said.
The loan will be used to support U.S. climate commitments, including Just Energy Transition Partnerships (JETPs), while funding CTF projects developed by multilateral development banks in alignment with South Africa, Indonesia, India, and the Philippines as they accelerate their shift away from coal.
The U.S. money could fund installation of new renewable energy equipment, retirement of older coal plants and various support programs that promote new investment and employment in communities affected by energy transition, Treasury said.
Yellen will announce the loan in a speech at the Center for Global Development, ahead of next week’s annual meetings of the World Bank and International Monetary Fund.
The four countries account for 15% of global emissions related to coal, the dirtiest fossil fuel. Cutting their emissions more quickly will help the global effort for net zero carbon emissions by 2050.
The CTF is one of two multi-donor trust funds set up under the Climate Investment Funds (CIF), an initiative created by the world’s biggest economies in 2008 to help poorer countries shift more quickly to a low-carbon economy.
“With this new contribution, the United States is helping create new jobs, new sustainable markets while reducing emissions, and by doing so, securing our shared climate future,” CIF CEO Mafalda Duarte said in a statement.
Parliament Passes 40 Bills during Speaker Among's First Year in Office
chimpreports.com, October 08, 2022 | Parliament on September 29th closed on a high, with the Speaker of Parliament Anita Among lauding legislators for doing well on a string of fronts that are believed to thrust the 11th Parliament towards the full realization of both internal and external set targets.
File Photo/Courtesy: Rt. Hon. Anita Annet Among, Speaker of the Eleventh Parliament, Republic of Uganda
Lawmaking is by far considered Parliament’s most challenging role, which requires the Executive to initiate draft legislation or bills and the House debates and scrutinizes the same prior to passage. Parliamentarians too can initiate bills through private members bills.
At the climax of a high resounding stretch that marked the commencement of the second year of the 5 years of the current tenure, Parliament passed a total of 40 bills since the ascendance of Speaker Among as presiding officer of the 11th Parliament namely:
The Administration of Parliament (Amendment)Bill 2021, National Social Security Fund (Amendment) Bill 2021, the East African Crude Oil Pipeline (Special provisions) Bill 2021, the Income Tax (Amendment)Bill 2021, The Public Finance Management (Amendment)Bill 2021
The Succession Amendment Bill 2021, the markets Bill 2021, the Mining and Minerals Bill 2021, the electricity (Amendment) Bill 2022, the Physical Planners Registration Bill 2021, the Fisheries and Aquaculture Bull 2021, the Supplementary Appropriation Bill 2021(No.2) 2021, the Supplementary Appropriation Bill (No.3)2021, the Supplementary Appropriation Bill (No.4) 2021, the Traffic and Road Safety (Amendment) Bill 2022.
Others are; the Value Added Tax (Amendment) Bill 2022; the Stamp Duty (Amendment) Bill 2022, the Tax Appeals Tribunal (Amendment) Bill 2022, the Income Tax (Amendment) Bill 2022, the Excise Duty (Amendment)Bill 2022, the Tax Procedures Code (Amendment) Bill 2022, the Public Health (Amendment) Bill 2021, the Mining and Minerals Bill, 2022 (as returned by H.E. the President), the Kampala Capital City (Amendment) Bill 2021 (as returned by H.E. the President), the Excise Duty (Amendment) Bill 2022 (as returned by H.E. the President) , the Anti-Terrorism (Amendment) Bill 2022, the Cooperatives Societies (Amendment) Bill, 2022.
The rest include; the Anti-Money Laundering (Amendment) Bill 2022, the Trustees Incorporation (Amendment) Bill 2022, the Companies (Amendment) Bill, 2022, the Insolvency (Amendment) Bill 2022, the Partnerships (Amendment) Bill 2022, the National Local Content Bill 2022, the Parliamentary Pensions (Amendment) Bill, 2022, the Computer Misuse (Amendment) Bill 2022, the Museums and Monuments Bill 2022, the Fisheries and Aquaculture Bill, 2021 as returned by H.E the President, the Uganda Human Organ Donation and Transplant Bill 2021.
In her remarks at the closure of the 1st meeting of the 2nd session, Among commended MPs for exceedingly performing well, during which a total of 22 committee reports were processed and adopted, 6 oaths administered, 17 Bills passed with none of them withdrawn and a minimum of 219 questions posed to the Prime Minister by the MPs.
She urged them to ensure that the same energy is exhibited in the subsequent meetings, and also to ensure the same energy is extended to their respective constituencies as a means of ensuring that similar performance is achieved and noted amongst voters, in various constituencies especially through the oversight role.
‘’Parliamentary oversight is conducted to assess the performance of the Executive Branch, to determine the efficiency, effectiveness, economy of resources and assets by key institutions or agencies of the state,” she said.
Throughout her communiques, Among pledges to achieve Parliament’s Vision of a people centered Parliament. This, she says, will be achieved by taking the needs and voices of people into account when designing, delivering, implementing and evaluating public policies and services.
Ms Among has also been credited for instilling confidence in a section of legislators, most of whom are serving their first term.
In June, while making her remarks at the training workshop of all MPs in Kampala, she pledged to set up a resource center which would help them make research-based submissions on the floor, aimed at improving the quality of debate in the August House.
kfm.co.ug, October 10, 2022 | The government of Uganda is set to discuss its loan portfolio during a global meeting for Finance Ministers and Central Bank Governors at the Commonwealth finance ministers meeting that kicks off today in Washington DC.
File Photo/Courtesy: Dr. Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury (PS/ST), Ministry of Finance, Planning and Economic Development.
Facilitated by both the World Bank and International Monetary Fund (IMF), the delegates will discuss vital strategies to address emerging economic issues, including tackling inflation, a fiscal framework for resilient and sustainable development, and a debt burden in the Commonwealth with a focus on small and vulnerable states including Uganda.
He adds that they will also discuss with the IMF the impact of the ongoing shocks created by the rising inflation globally and the subsequent increase in interest rates on how they affect the global financing system and chat a way forward.
For the last two years, several such meetings have been organized virtually due to Covid-19 restrictions across the globe and Uganda has been taking part.
