Parliament approves USD190.9 million loan for UMEME buyout
Parliament has passed a USD 190.9 million loan to finance the UMEME concession buyout. This was amid disagreements among lawmakers regarding the amount to be paid to UMEME, with some arguing for USD 127 million instead of USD 190 million. Others warned that the government would face hefty penalties if the March 31st deadline to buy out UMEME was missed, which would burden Ugandan taxpayers. The debate took place during a plenary sitting where the finance ministry’s report also recommended approving the loan.
