The parliament of Uganda has send its netizens into worries and tensions after the minister, Honourable Henry Musasizi presents the governmental request to borrow a loan worth Euro 96.2 millions from the Industrial and Commercial Bank of China to help them work on the below named projects.
According to the report, the borrowed money is expected to finance infrastructural projects starting with Mashindi to Biiso, Kabaale to Kizirunfumbi, and Hohwa to Nyairongo to Kyaruseca to Botoole road upgrading projects.
It is reported the Shadow minister for Finance, Honourable Muwanga Kivumbi has presented the statement in response to the charter for Fiscal Responsibility FY 2021/22-FY 2025/2026. The speaker Jacob Oulanyah refers the statement to the House committee on the Budget.
Netizens have reacted differently with some supporting the move to borrow that amount of money from China as others refute claiming that this will continue to interfere with the economy of the country since more money will be spend in paying loans rather than doing other developmental projects.
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