Parliament has accepted a request by the government to borrow Shs 1.2 trillion to upgrade national roads across the country. The money is to be borrowed from the Islamic Development Bank and the OPEC Fund for International Development.
The funds will facilitate the rehabilitation of the Masindi port bridge, designed to last for 100 years. Katine-Ochero road, Kiruhura-Bwizi-Rwamwanja-Kahunge road. And Mpara-Bwizi road, each designed to last for 20 years.
Robert Migadde, national economy committee deputy chairperson, presented an assessment report of the loan request. He stated that as long as Uganda’s public debt remains within sustainable levels, the country is rated at moderate risk of debt distress.
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Further, the committee also implored ministries, departments, and agencies (MDAs) to observe strict project designs before sourcing for money. This is to minimize project delays by effectively compensating project-affected persons (PAPs) under the Upgrading of National Roads Project.
In conclusion, the committee recommended that the Ministry of Finance, Planning, and Economic Development renegotiate the risk premium of the loan. This is a lower rate, and we also have it fixed for the entire debt servicing period.
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