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Uganda's president takes control of government loans approval

Uganda's president takes control of government loans approval

Uganda

<h3>Ugandan President Yoweri Museveni has ordered the redirection of all government loans to his desk for approval before it gets to parliament.</h3> <p>In a letter to parliament on Wednesday, Museveni rejected 11 loans tabled before the house and ordered them to approve 16 other loan requests, local media Daily Monitor <a href="http://www.monitor.co.ug/News/National/Museveni-takes-over-loan-approvals--rejects-11/688334-4011990-124ocj0z/index.html" target="_blank">reported</a>.</p> <p>The president cited among others, the lack of value of some of the loans to the economy as reason for his action.</p> <p>The rejected loans included a $200 million loan for the construction of the Kampala-Jinja Expressway which he said can be funded with road tolls.</p> <p>The speaker of parliament Rebecca Kadaga told the House that the “President feels that we are over-burdening the country by contracting so many loans, some of which do not add value to the country.” </p> <p>“He proposes that the loans should have his personal endorsement before they come to this House,” she added.</p> <p>Uganda’s external and domestic debt hit $8.7 billion in 2017 accounting for 33.8% of the country’s Gross Domestic Product (<span class="caps">GDP</span>).</p> <p>This is equivalent to the country’s 2017 budget.</p>

The President feels that we are over-burdening the country by contracting so many loans ... He proposes that the loans should have his personal endorsement before they come to this House.

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