Parliament Allows Govt to Borrow $135 Million From World Bank
The Monitor (Kampala)
NEWS
May 16, 2006
By Emmanuel Mulondo, Mercy Nalugo & Agness Nandutu
KampalaParliament has given the government a go-ahead to borrow $135 million (about Shs245b) from the International Development Association (IDA) of the World Bank to bolster poverty eradication in the country.The approval was made on Thursday without any contestation after the Chairman of the House Committee on the Economy, Mr Nandala Mafabi (Budadiri West), reported that the procurement of the loan was important for the country. The funds will be disbursed under Budget Support.Nandala's committee scrutinised the request before making a report to the House. The money will be used for the implementation of the Government Poverty Eradication Action Plan (PEAP) 2004.Before the resolution for the approval was made, Minister Ssemakula Kiwanuka (State for Investment) said an agreement between the government and the IDA would soon be completed.He said the request for approval was made in line with Articles 159 (1) and (2) of the Constitution, which require government borrowing to be sanctioned by Parliament.Nandala said the money would be invested in existing areas of primary healthcare, rural feeder roads, water and sanitation.He, however, cautioned the government to improve financial management to avoid diversion of the funds to other programmes to realise the intended objectives.The House approved another $ 7 million (about Shs126b) for rehabilitation of roads and other infrastructure in northern and eastern Uganda.
New Yahoo! Messenger with Voice. Call regular phones from your PC and save big.
_______________________________________________ Ugandanet mailing list [email protected] http://kym.net/mailman/listinfo/ugandanet % UGANDANET is generously hosted by INFOCOM http://www.infocom.co.ug/
The above comments and data are owned by whoever posted them (including attachments if any). The List's Host is not responsible for them in any way. ---------------------------------------
