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PARLIAMENT OF UGANDA

REPORT OF THE COMMITTEE OF NATIONAL ECONOMY ON THE PROPOSAL BY

GOVERNMENTTO BORROW UprO UGX 4,307.3 BILLION THROUGH
DOMESTIC BORROWING TO FINANCE THE BUDGET DEFICIT FOR THE
FY 202012L

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Office of the Clerk to Parliament
Parliament Building
Kampala

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1. INTRODUCTION
The Committee on National Economy considered the Proposal by Government to borrow up
to UGX 4,307.3 billion through Domestic Borrowing to finance the Budget Deficit for the FY

2020121.

The Proposal was presented to this House by the Hon. Minister of Finance, Planning and
Economic Development on 21* October,2020 and accordingly referred to the Committee on

National Economy for consideration in line with Rule t75 (2) (b) of the Parliamentary Rules
of Procedure.

The Committee considered and scrutinized the proposal and now begs to report.

2. METHODOLOGY

2.1. Meetings
The Committee held meetings with;

i. The Ministry of Finance, Planning and Economic Development;

ii. Bank of Uganda;

iii. Uganda Bankers Association;

iv. Uganda Revenue Authority; and

v. Private Sector Foundation.

2.2. Document Review

The Committee studied and made reference to the following documents;

i. The Minister's Brief on the Proposal to borrow up to UGX 4,307.3 billion

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through Domestic Borrowing to finance the Budget Deficit for the FY 2020121;

ii. Repoft of the Budget Committee on the Supplementary Schedule No.1,

Supplementary Schedule No.2 and the Addendum to Schedule No.2 for FY
202012r;
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 iii. Report of the Budget Committee on the Supplementary Expenditure Schedule
No.3 and Addendum to Schedule 3 for FY 2019120;

IV Presentation by Uganda Revenue Authority (URA) on the Revenue

Peformance for 1st Quarter FY 202012L (2Vh October, 2020),

V Presentation by Bank of Uganda on the Fiscal Deficit for FY 2020121 and

Increase in Net Domestic Financing (27 October, 2020),

VI Presentation by Private Sector Foundation Uganda on the Government

Domestic Borrowing Trend: Causes, Implications and Recommendations for
Policy Reform (2Vh Man 2020),

vii. The Ministry of Finance Planning and Economic Development Brief on

Historical Information on Domestic Debt to-date;

viii. The Ministry of Finance Planning and Economic Development Brief on UDBL
Loans in Parliament; and

ix. The Letter from National Planning Authority recommending approval of the
loan (1N November, 2020),

3.0 BACKGROUND

During the staft of the FY 20L9120, the economy was projected to have an economic
growth rate of 6.50/o and then grow by 6.30/o in FY 2020121. However, given the outbreak
of the COVID-19 pandemic, that affected both the global and regional economy, the floods
and locust invasion, Uganda's economy is now reported to have grown by 2.9o/o in FY

2019120. This slower growth in the economy during FY 20L9120 was experienced in all the
sectors of the economy as; the Agriculture Sector grew by 4.Bo/o down from 5.4o/o in FY

W 20t8lt9, growth in the Industry sector was 2.2o/o down from 10.1olo in the FY 20lBlL9,

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The impact of COVID-19 on the Ugandan economy given the global economic slowdown
and potential recession has been noted/obserued through some of the following ways;

i. Lower than programmed collection of domestic revenue in FY 2019120;

ii. The complete drying up of tourism revenues in the last quafter of FY 2019120;

iii. Cuftailed workers' remittances in the last half of FY 20t9120 as they lost jobs, which
affected household incomes;

iv. Reduction in expoft earnings by 4 percent in FY 2019120;

v. Reduced Foreign Direct Investment (FDIs) by 2t percent in FY 2019120;

VI Overall fiscal deficit widening to 7.2 percent of GDP and 10.7 percent of GDP in FY
20t9120 and FY 202012L respectively, due to revenue shortfalls and additional
spending to mitigate the impact of the pandemic on vulnerable households and
businesses;

vii A rise in non-peforming loans to 6 percent in FY 2019120 from 3.8 percent in FY

20tBl19;

viii Exchange rate depreciation; the Uganda shilling depreciated against the US dollar by
0.2 percent on a year to year basis from UGX 3,728.99 to UGX 3,737.94 at lune
2020. In addition, worsening of external position, due to capital outflows, adverse
effects on the flow of international trade, tourism, workers' remittances, foreign
direct investment and loan disbursement continue to exacerbate exchange rate
depreciation pressures; and

ix. An increase in the number of vulnerable people as a result of the lockdown, leading
to reduced economic activities
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The economy is projected to grow by 4.5o/o in FY 202012L. The downward revision in
economic Arowth for FY 202012t is due to expected slower growth rates during the year as
the effects of the COVID-l9 pandemic persist through the second quarter of FY 2020121.

Similarly, Parliament approved UGX 45,493.7 billion for expenditure during FY 2020121 and
the budget was to be financed through domestic revenues amounting to UGX 33,07L.7
billion and externa! resources amounting to UGX L2,422 billion. However, following the
performance of the economy in 2019120, that was associated with a lower growth rate
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and slower growth in revenues compared to the previous financial year, and the prolonged
effect of the COVID-19 pandemic into the second quarter of FY 202012t, the resource
projections were revised downwards.

The new resource projections reflect a growth rate of 20o/o from 27o/o in the approved
budget mostly due to a projected decline in domestic resources from a groMh rate of 19olo

to 100/o in compariso n to,the FY 20t9120 outturn as obserued in Table 7.

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Table 1: Projected Outturn of Resource Envelope and Expenditure FY 2O2Ol21

Revised Pef. of Year on

Qtrl Budget Projected Qtrl Year
Outturn Approved Outturn Estimates Surplus or 2Ol2! on Growth
FY Budget FY FY FY Shortfall Approved (Revised
Item 2lJL912li 2fJ2li12L 2li2li12L 2020121 2020121 Budqet Outturn)

Total Resources 35.931.1 45.493.7 10.565.8 42.9A6.7 (2,507.0) 23o/o 2Oolo

Total Domestic
Resources Excl. AIA 27.616.6 32.8s6.1 7.730.1 30.349.1 (2.507.0) 24o/o 10o/o

Domestic Revenue L7,285.9 2t,809.7 4,070.3 t9,302.7 (2,507.0) 19o/o L2o/o

o/w Tax Revenue 15,9L2.2 20,2t8.7 3,896.6 18,063.0 (2,L55.7) 19o/o t4o/o
Domestic Financing
(Borrowing +BOU
capitalization ) 3,878.1 3,560.3 1,672.1 3,560.3 47o/o -Bo/o

Domestic refinancing 6,452.6 7,486.L t,987.6 7,486.1 27o/o L60/o

AIA/Local Revenue 146.8 2t5.6 N/a 2r5.6 N/A 47o/o

Total External
Resource 8,167.8 12.422.0 2.835.7 t2.422.0 23o/o 52o/o

Budget support 3,502.1 2,906.7 1,480.3 2,906.7 51o/o -L7o/o

o/w Grants 455.2 133.6 133.6 0o/o -7lo/o

o/w loans 3,046.9 2,773.L 1,480.3 2,773.t 53o/o -9o/o

Project support
(External Financino) 4.665.7 9.515.3 1.355.4 9.515.3 L4o/o l04o/o
Source: MoFPED, URA & PBO Computations
Note 7: Outturn of FY 2O79/24 assumed AfA performed at TOOo/o projected outturn levels
Note 2: Addendum to Supplementary 2 is resource neutral

During the first quafterof FY 2020121, the resource performed at 23o/o as domestic
revenues realized L9o/o of the approved budget revenues while external resources
performed at 23o/o on account of budget support loans that performed at 53olo of the
a proved budget for the FY 2020121 as obserued in Table 7. @
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The Committee noted that the performance of Quafter 1 domestic revenues had a surplus
due to a downward revision of the revenue targets for the financial year, the projected
revenue shortfalls based on the downward revision being one of the reasons for the
borrowing. However, despite the surplus, the URA Quarter 1 performance was below the
historical average performance for the past five years, where 22o/o of the approved budget
revenues were realized during the first quarter.

Parliament approved Supplementary Expenditure to the Budget for FY 202012L to a tune of

UGX 3,340.3 billion under Supplementary Schedule 1 and 2 and the Addendum to Schedule
2, bringing the total revised budget to UGX 48,834 billion. With the approved
Supplementary Expenditure, and the need to seruice domestic debt obligations, the
resource envelope is projected to leave a funding gap on the revised budget.

The Ministry of Finance, Planning and Economic Development proposes to finance the
deficit as follows: through budget cuts/efficiency gains amounting to UGX L,42L billion; and
borrowing externally and from the domestic market to a tune of UGX 6,536.6 billion.

4.0 OBJECTIVE OF THE BORROWING

The domestic borrowing is meant to address the FY 2020121projected budget shortfall and
additional funding pressures identified in Supplementary Schedule 1 and 2. The specific
objectives of these borrowings are:

. To address the projected revenue shortfall in FY 202012L;

. To address Government fiscal needs under Supplementary Schedule 1 and 2 FY

2020121; and
. To provide additional fina ncing to government for additional domestic debt seruicing
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 5.0 FINANCING AND UTILISATION OF RESOURCES
Table 2: Summary of Funding Pressures and Projected Budget Shortfall
FY 2O2O|2L

s/N Category Amount (Bn)

Revenue
1 Projected shortfall on revised budget (2,507.0)
2 Budget cuts and efficiency gains L,42L,0

3 Net projected revenue shortfall (1+2) 1,086.0

Expenditure
6 Supplementary 1 1,363.1
7 Supplementary 2 2,062.8
8 Domestic debt seruicing 2,100.0
Budget Deficit (3+6+7+8) 61611.9
Source: Brief to Parliament

The domestic borrowing amounting to UGX 4,307.3 billion and IMF loan amounting to USD
600 million (UGX 2,229.3 billion) are to provide a total UGX 6,536.6 billion as financing
meant to address the FY 202012t projected budget shortfal! and additional funding
pressures identified in Supplementary Schedule 1 and 2 and Domestic Debt Seruicing to a
tune of UGX 6,611.9 billion summarized in Table 2.

6.0 BORROWING TERMS

Table 3: Summary of Proposed Borrowing
Item Terms
Amount UGX 4,307.3 Billion
Maturity Period Varies from 3 months for 91 Treasury Bills to 15 years for 15year
Treasury bond or more with increased development of the domestic
market.
Grace period Varies from 2 months for the 91 Treasury Bills to 14 years for
l5vear Treasurv bonds
Interest Rate Determined by the market. Current Market rates are ranging
between 7o/o and 140lo with 91 Treasury Bill rate atTo/o and 15 year
Treasury Bond rate at l4o/o.
Source: Brief by ?*
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 Domestic borrowing will be done through issuance of Treasury Bills and Treasury Bonds.
The Treasury Bills are shofter debt instruments with tenures of 91-day, 182-day and 364-
day, while Treasury Bonds are long term debt instruments with maturity of more than a

year. The tenure for long term instruments in Uganda ranges between 2 to 15 years,
however the maturity of these instruments can extend to more than 15 years, with
increased development of the domestic market.

This implies that when most of the debt is secured through long term debt instruments,
most of the domestic debt acquired shall mature between 2 years and 15 years or more
depending on the development of the domestic market.

It should be noted that issuance of short term debt increases the liquidity pressures on the
budget in the short term, as well as the default risk as the debt must be repaid within a

short timeframe. However, the long term domestic debt is associated with higher yield rates
and less immediate liquidity pressures in the short term, although they are at a higher cost
to the budget in the long term.

7.O IMPLEMENTATION

Once approved, the funds obtained from the domestic market will be remitted to the
Consolidated Fund. The Ministry of Finance, Planning and Economic Development will be

responsible for ensuring that funds are properly utilized to finance the FY 2020121 budget
as approved by Parliament, including the approved supplementary and accountability
thereof provided to Parliament in line with the provisions of the Public Finance Management
Act, 2015 as amended.

BUDGETARY IM PLICATIONS
/Th" approval of the two Supplementary Schedules for FY 2O2O]2L, the ratio of overall
deficit to GDP increased by 9o/o from 9.Bolo to 10.7o/o upon adding the URA quafter 1 surplus
revenues, moving fufther away from 7.2 realized in FY 20L9120 and 7.Bo/o envisaged in
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With approval of the domestic borrowing to a tune of UGX 4,307.3 billion, the domestic
financing as a share of GDP will increase to 5.2o/o from 2.4o/o in the approved budget for FY
202012t. Consequently, the overall deficit financing as a share of GDP will increase to
t1.7o/o taking into consideration the quarter 1 surplus of URA revenues and the IMF loan

amounting to USD 600 million (UGX 2,229.3 billion).

Table 4: Effect of the Domestic Borrowing on the Fiscal Framework FY 2O2Ol2l

Projected Projected o/oChange

outturn Oufturn FY in projected
(Excluding (Including outturn
Category with NDP III borrowing & borrowing & with
Figures as a share of Proj. FY Approved URA Qtrl URA Qtrl borrowing
GDP 2020121 2020121120 surolus) surolus) and surolus

Revenue and Grants t3.7o/o 15.5olo t3,90/o L4.60/o 5o/o

Domestic Revenue 13.0olo t4.40/o t2.Bo/o 13.5olo 60/o

Grants 0.7o/o 1.lo/o L.lo/o l.lo/o 0o/o

Expenditure and Net

lending 21.60/o 24.2o/o 23.60/o 25,30/o 7o/o

Current expenditure 12.0o/o ll.60/o Ll.60/o 13.0olo 13o/o

Development B.7o/o Lt.4o/o 9.Bo/o 10.8olo I0o/o

Net lending 0.9o/o 0.90/o l.0o/o 1.0o/o 0o/o

Other spending
(Domestic arrears) 0.3o/o l.2o/o l.4o/o l2o/o

Overall Deficit -7,80/o -8.6olo '9.8o/o -tO.7o/o 9o/o

Deficit Financing 6,50/o 8.60/o 7.4o/o Ll.7o/o 58o/o

External net 5.5o/o 6.30/o 5.0o/o 6.5o/o 29o/o

Domestic Net l.0o/o 2.40/o 2.4o/o 5.2o/o 120o/o

Errors & Ommossions l.3o/o 0.00/o 2.40/o '1.0o/o -67.90/o

Source: PBO Computations based on data from MFPED, URA, BOU, UBOS, NDP III & Budget
on Supplementary Schedule 7 and 2
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With regard to debt seruice, domestic interest payments as a share of GDP will increase by
0.4o/o (ranging between UGX 540 billion - UGX 700 billion annually depending on the market
interest rates), to a total of 2.4o/o in FY 202012L from 2.0o/o in the approved budget and
move further away from the Medium Term Debt Strategy for FY 2020121 operational target
for FY 2020121 range of between 1.5% to t.7o/o. The share of domestic interest payments
to domestic revenue in FY 202012t will move further away from the target by 2.8o/o points
from 14.8% projected in the budget to L7,60/o, implying more resources shall be spent on
servicing domestic debt than planned.

In addition, the share of domestic borrowing to GDP will increase to about 4olo, moving
further away from the NDP III target of not more than 1olo desired during the plan
implementation period, and this will crowd out the private sector as growth in annual
private sector credit is projected to decline to 3olo in FY 2020121from B.9olo in FY 2019120
due to the total domestic borrowing that will now be revised to UGX 7,867.6 billion with
approval of this request.

9.0 THE LOAN AND CURRENT DEBT SITUATION OF THE COUNTRY

By end of June 2020, total public debt stood at USD 15.4 billion, of which USD 10.3 billion
was external, and USD 5.1 billion was domestic. As a share of GDP, public debt stood at
4L.4o/o, of which external debt was 67% while domestic debt was 33o/o. With approval of
the domestic borrowing request, domestic debt will increase to USD 6.9 million (UGX 25,609
billion). This borrowing with the IMF loan, among others, will increase the public debt to
GDP ratio to 48% by the end of FY 2020121.

In addition, domestic borrowing will increase the domestic interest payments to domestic
revenue by 2.Bo/o points to in the revised budget for FY 2020121,
t7.6o/o from 14.8o/o
moving it fufther away from the 12.5o/o benchmark in the Public Debt Management
Framework, 2018 (PDMF, 2018). In addition, the stock of domestic debt to GDP will exceed
the 15olo benchmark for domestic debt sustainability set in the PDMF, 2018 as observed in

d although it shall still be below the 20olo threshold set in the Chafter of Fiscal
pon a East African Co unity ( Monetary Union Protocol.
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 Table 5: Domestic Debt Sustainability Indicators

PDMF Indicator
PDMF
Benchmark
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)omestic Debt stock as a

rercentage of GDP <l5o/o Bo/o 4.lo/o 9o/o
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to domestic revenue
(excluding grants) <12.5o/o 12.lo/o 13.7o/o 14.Bo/o 17.60/o

Source: MFPED. BOU, PDMF 2O78 and PBO Computations

Therefore, although Uganda's debt remains.sustainable over the medium term, there are
concerns of sustainability of the domestic debt, especially the risk of crowding out the
private sector through a slower growth in private sector credit in the short term, and
increased cost of seruicing debt at the expense of seruice delivery given by the higher rates
of domestic interest rates when compared to foreign interest rates.

1O.O OBSERVATIONS AND RECOMMENDATIONS

10.1 RAPID GROWTH IN DOMESTIC BORROWING:

The Committee obserued that the trend of domestic borrowing has been high in the recent
pastfrom UGX627 billion in FY 2016117 to UGX L,795 billion in FY 20t7ll9 to UGX 2,t63
billion in FY 20l9lt9 to UGX 2,570 in FY 2019120 and UGX 3,560.3 billion in the approved
budget for FY 2020121. The proposed borrowing of UGX 4.307 billion from the domestic
market will increase the approved domestic borrowing by l2to/o to UGX 7,867.6 billion.

With the additional borrowing of UGX 4,307.3 billion, the domestic borrowing will exceed
lo/o of GDP to 4o/o, wd1 higher than desired in the third National Development Plan, whose
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 The Committee further noted that expenditure on external interest payments and
amortization are less than half of those spent on domestic borrowing due to the higher
interest rates and shorter maturity periods associated with domestic borrowing.

The Committee recommends that Government prioritizes financing of the

budget deficit through external financing that usually has longer maturity
periods and lower interest rates, and with lesser effects on crowding out the
private sector from the credit market,

10.2 REDUCTION ON THE AMOUNT OF DOMESTTC BORROWING:

The Committee observed that the projected resource envelope for FY 2020121excludes the
World Bank loan that was approved to finance the COVID-19 related expenditure under
Supplementary Schedule 3 for FY 20L9120. The actual loan amount of USD 304 million
(UGX t,L24.08 billion) was disbursed on the 21$ July 2020, implying it formed part of the
resource for FY 2020121and reduces the projected revenue shortfall from UGX 2,507 billion
to UGX t,382.92 billion.

The Committee noted that Government had made budget cuts on the approved budget for
FY 2020121 as a result of the effects of the COVID-19 pandemic whereby some activities
like travel abroad, which had been provided for, were now expected not to take effect. As
such, efficiency gains worth UGX t,42t billion were realized. This would therefore offset the
approved budget from UGX 45,493.7 billion to UGX 44,072.7 billion.

In light of the above, the Committee is of the view that the projected revenue shortfall of
UGX 2,507 billion is covered by both the World Bank loan and the budget cuts. The
financing pressures to be considered should therefore be those arising from the approved
Supplementary Expenditure for FY 2020121 as well as the domestic debt servicing needs,
ch joi amoLr to UGX 5,487.8 billion (Table 6). c,
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 Table 6: Summary of Funding Pressures and Financing - FY 2O2Ol2l
Amount in UGX
s/N Category Billions
Expenditure
1 Approved Budqet 45,493.7

2 Budget Cuts/Efficiency Gains 1,421,0

3 Revised Budset with efficiency sains FY 2020121(L-2) 44,072.7

Revenue
4 Approved Resource 45,493,7

5 Proiected Resource Outturn 42,986,7

6 Revenue Shortfal on approved resource(4-5) 2,507.0

7 Deficit on the Revised Budget with efficiency gains(3-5) 1,086.0

B World Bank-IDA(USD 304,1 mitlion) r,l24,l

9 Surplus on the Revised Budget with efficiency gains and WB loan(8-7) 38.1

Fundinq Pressures
10 Supplementary 1 1,363.1
11 Supplementary 2 2,062,8
L2 Domestic Debt seruicinq 2,100,0

13 Total Funding gap (10+11+12-9) 5,487.8

Proposed Borrowinq
t4 IM F-Extended Cred it Facil ity(USD 600 mil lion ) 2,229.3

15 Domestic Financing 4,307,3

16 Total Proposed Borrowing (14+15) 6,536.6

t7 Difference between proposed borrowing and Funding pressures (16-13) 1,048.8

18 Total Recommended Borrowi ng 5,487.8

19 of which Recommended Dome$ic Financing 3,258.5

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 The Committee further noted that borrowing UGX 4,307.3 billion from the domestic market
will slow down private sector credit growth from B.9olo registered in FY 2019120 to 3% in FY

202012t.
The Committee recommends that the World Bank loan resources that were
disbursed at the beginning of the Financial Year should be included in the
resource envelope of the current Financial Year, which will eliminate the
projected revenue shoftfall that is a partial basis for the borrowing.

In addition, Government of Uganda should borrow UGX 3t258,5 billion

from the domestic market since the projected shortfall on the revised
resource envelope is addressed by the World Bank resources, and the
borrowing proposal would create an excess borrowing of UGX 71048,8
billion.

Further, Government should prioritize the borrowed resources towards

expenditure on productive areas that will stimulate economic growth.

10.3 DOMESTIC ARREARS:

The Committee noted that over the years, Government has accumulated arrears worth UGX
3,334.6 billion as at end June 20L9. During FY 2020121, only UGX 450 billion was provided
to cater for domestic arrears, and an additional UGX 223 billion has been provided for in the
Supplementary Budget. At the current rate of budgetary allocation of UGX 450 billion, it will
take 7.4 years to clear the current stock of domestic arrears, and yet the medium term
budget framework indicates a declining allocation in the outer years. Delayed payments to
seruice providers hampers their growth, and weakens the private sector.

The Committee recommends that the Government of Uganda prioritizes

payment of all domestic arrears by providing sufficient budgetary
in short to terml and as a way of stimulating
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be cleared within a period of three years.

In addition, Government should prioritize an additional UGX 700 billion for

clearance of domestic arrears in FY 2020/27 within the available resource,

10.4 TRANSPARENCY AND ACCOUNTABILITY OF COVID.lg RELATED

EXPENDITURE:
The Committee noted the Government allocated funds for COVID-19 related expenditure
through Supplementary Schedule No.3 FY 20L9120, which was not released as the
expenditure was approved towards the end of the Financial Year (26h June, 2020) and the
votes had their funds appropriated through Supplementary schedule 1 FY 2020121 to
enable them implement the COVID-19 related expenditure. In addition, the private sector
made a number of contributions both in cash and kind towards COVID-19 related
expenditure.
The Committee recommends that Government of Uganda should ensure that
COVID-L9 related resources are used in a transparent and accountable
manner by undeftaking targeted measures to strengthen public trust, should
a need arise in future that reguires private individuals to help fund an
emergency.

10.5 NEED TO REVIEW TAX EXEMPTIONS:

The Committee observed that a number of tax exemptions have been provided and so are
isolated cases that distort incentives to production and business. The tax exemptions in
some cases have made imports become cheaper than the locally produced goods, a case in
point being rice impofts from Tanzania, where farmers are getting discouraged as imported
rice associated with a tax exemption is making their rice very expensive to
ndans a iscouraging investment in the same. 6;,
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 The Committee recommends that Government reviews tax exemptions with
a view of boosting local production and increasing tax revenues through a
broadened tax base,

10.6 NEED TO EXPAND ON THE DOMESTIC REVENUES:

The Committee obserued that part of the borrowing is to meet domestic debt service
obligations to a tune of UGX 2,100 billion. The Committee was concerned about the
sustainability of borrowing to meet debt obligations given the fact that the approved budget
for FY 2020121 had UGX 7,486 Billion approved for domestic refinancing, and UGX 3023
billion for domestic interest payments. With this approval, the total domestic debt servicing
budget will increase to UGX 12,586 billion in FY 202012t.

The Committee recommends that Government should enhance domestic

revenue mobilization as a sure means of reducing the fiscal deficit and
ensuring that the debt seruice obligations are met on time, taking into
consideration the effects of the COVID-79 pandemic on the economy.

To this end, tax administration should broaden the tax base to incorporate
the informal sector that now accounts for the largest part of the economy
based on the GDP numbers (55o/o).

fn addition, the tax base can be increased through measures that target
organizing supply chains into a market-driven approach and cooperatives,
which will support GDP growth and hence widen the tax base.

11.0 CONCLUSTON

Subject to the recommendations herein, the Committee recommends Approva! of

Government to borrow up to UGX 3,258.5 Billion through Domestic Borrowing to
nance the B it for the FY 2O2Ol
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REPORT OF THE COMMITTEE OF NATIONAL ECONOMY ON THE PROPOSAL BY

GOVERNMENT TO BORROW Up rO UGX 4,307.3 BTLLION THROUGH DOMESTTC
BORROWING TO FTNANCE THE BUDGET DEFTCTT FOR THE Fy 2O2O|2L

NOi' NAME CONSTITUENCY

1 Hon. Bbumba Syda Namirembe Nakaseke North (

2 Hon. Bategeka Lawrence Hoima Municipality

3 Hon. Tayebwa Thomas Ruhinda Nofth

4 Hon. Kajara Aston Mwenge South

5 Hon. Yeri Apollo Ofwono Tororo Municipality

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6 Hon. Kiwanuka Keefa Kiboga East
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7 Hon. Seguya Lubyayi John Bosco Mawokota South qJS$."\,/
8 Hon. Musoke Paul Sebulime Buikwe Nofth

9 Hon. Kabafunzaki Herbet Rukiga County //'7f'/

10. Hon. Ayepa Michael Labwor County

11. Hon. Katoto Hatwib Katerera County

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13.
Hon. Lokeris Samson

Hon. Rwemulikya Ibanda

Dodoth East

Ntoroko County
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14. Hon. Migadde Robeft Ndugwa Buvuma Islands

15. Hon. Mandera Amos Buyamba County

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16. Hon. Wamakuyu Mudimi Ignatius Elgon County

t7. Hon. Okello Anthony Kioga County

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18. Hon. Dhamuzungu Geoffrey Budiope East

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19. Hon. Guma Gumisiriza David Ibanda Nofth

20 Hon. Sematimba Simon Peter Busiro South

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2L. Hon. Elotu Cosmas Dakabela County

22. Hon. Alyek ludith DWR, Kole

23 Hon. Turyahikayo K. M. Paula Rubabo County

24. Hon. Isala Eragu Veronica Bichetero Kaberamaido County r- l--

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25 Hon. Azainrue Dorothy Nshaija K. DWR, Kamwenge
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26. Hon. Akol Anthony Kilak North

27 Hon. Okupa Elijah Kasilo County

28. Hon. Ariko Herbert Edmund Soroti Municipality

29 Hon. Nzoghu William Busongora North

30 Hon. Bakireke Nambooze Betty Mukono Municipality

31. Hon. Akena James Jimmy Lira Municipality

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32. Hon. Baryayanga Andrew Aja Kabale Municipality
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33 Hon. Katwesigye Oliver Koyekyenga DWR Buhweju

34 Hon. Akamba Paul Busiki County

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35. Hon. Atiku Bernard Ayivu County

36 Hon. Okumu Ronald Reagan Aswa County

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37 Hon. Kassiano Wadri Ezati Arua Municipality
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3B Hon. Kutesa Pecos Onesmus UPDF Representative
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