Uganda seeks Sh19 billion from World Bank to face coronavirusUganda will request the World Bank for a loan of $190 million (Sh19 billion) to help cushion its economy from the impact of coronavirus pandemic, its finance minister said.The government has cut its economic growth forecast this fiscal year to 5.2–5.7 per cent from an initial projection of 6 per cent, the minister, Matia Kasaija, said in a statement late on Thursday. The disruption caused by the coronavirus are expected to cut industrial output, tourism earnings and the government’s tax collections. The government will seek a $100 million (Sh10 billion) budget support loan for this financial year and a further $90 million (Sh9 billion) for the next financial year, Kasaija said. Read Now »Uganda has not reported any cases of the coronavirus, which emerged in China late last year and has been spreading around the world. Nevertheless, on Wednesday, the government ordered the closing of schools, bars and it banned public gatherings to prevent any outbreak.

Source: Standard Digital March 20, 2020 21:00 UTC