Finance to sell Shs380 billion

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US Army military police with some the first Uganda People Defence Forces military police contingent during pass out at the Peace Support Operations Training Centre Singo about 100kilometers north of Uganda capital city Wednesday August 14, 2013.

By Our reporter

KAMPALA. Uganda’s Ministry of Finance, Planning and Economic Development said the country planned to sell an extra Shs380 billion (US$103 million) in notes to fund the Ministry of Defense.

The money is required immediately and can’t be raised through tax collection or foreign bond sales, the Ministry of Finance said in a statement on Uganda’s parliamentary website. The reasons the funding is needed are classified, according to the statement.

With the extra issuance, net domestic financing is expected to rise to Shs2.16 trillion from the Shs1.78 trillion that was approved in the budget, the ministry said.

 

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