Bank of Uganda: Resolution of Crane Bank Limited (13.07.2017)

Derrick Nsereko issues notice of intention to sue BOU for not pursuiting the possible Crane Bank fraud case (12.07.2017)

Kirumira Lawyer letter to New Vision: “Re: Notice of Intention to Sue for Publication of Defamatory Matter” (12.07.2017)

Dr. Kizza Besigye’s advice for termination of the NRM!

If you ever want the clear advice to bring down the dictatorship of President Yoweri Kaguta Museveni, who now acts and lives like he owns the Republic Uganda. Than if you want to get rid of that and want to use the advice of Forum for Democratic Change founder and former Presidential Candidate Dr. Kizza Besigye. Than his words and inspirational words should be for you. He explains the whole story and the whole theft of the state and how it was built around the President. How Museveni has taken all the institutions and the state is embedded with him. But that we already knows, therefore I have taken the part that people should listen to and use. The true defiance and defy the Museveni state, so that there are possible a peaceful transition from his rule. Where the state doesn’t belong to Museveni or the Movement, but to the people. The Citizens has a government who cares about delivery and not if Museveni get an expensive enough airplane or helicopter. Take a look!

Outtake from the Press Conference of Dr. Kizza Besigye today:

Regardless of what the regime does, the people of Uganda are definitely closing in to take back their power and embark on a TRANSITION to a new dispensation.

The NRM/Museveni Junta has no legitimacy to amend the Uganda Constitution as it’s planning to do. This will be an activity of the TRANSTION PROCESS.

Immediate task: Termination of the NRM/Museveni Junta:

The following needs to be done to terminate the Junta’s control of our country:

1) Intensify the “awakening campaign”, for most Ugandans to become active in the processes of achieving a transition. Everyone has a role to play in achieving this.

2) Forming activist networks to make it possible to act together and to be coordinated.

3)Everyone seeking a democratic transition should take deliberate actions, individually or in concert with others to disempower and break down the Junta. Each one’s actions, however small, contribute significantly towards the desired change.

4) Public servants, including those in the security and military are called upon to join the struggle for democratic transition.

5) In coordination with other political and civil society formations, we’ll soon start various activities that will disempower and bring the, now fragile, Junta to an end.

The transition:

A transition process will start when the Junta ceases the control of the state- either, through popular actions or a dialogue process.

The key activities of the transition period are:

1) Government of National Unity.

2) A comprehensive review of the Constitution.

3) Rebuilding State institutions to ensure transparency in recruitment and a national character, a high standard of performance and public accountability; non-partisan character; high standard of discipline and professionalism etc.

4) Truth telling, justice and reconciliation.

5) Free and Fair elections” (Dr. Kizza Besigye, 11.07.2017).

The acts of defiance and trying to coordinate the powers to be. Make the state dissolution over the citizens who doesn’t act upon the oppressive measures dropped by the central government. That they does what they can locally to make changes to the state. This done in demonstrations and stop using the state based operations that makes the NRM regime so rich and can rig themselves into power. That they follow a leadership similar to Besigye and other who trying to dismantle the Presidency. For the simplest reason of getting democracy and getting rid of the dictatorship of Museveni. These words of Besigye should be seen as the guidelines for the patriots and the ones who wants the Republic run by elected men, and not selected men by the NRM. This is how it is now.

The NRM acts like they own the nation and the state, the State is controlled from the State House and the orders are from there. There aren’t anything done without the State House involved, that isn’t a healthy state. That is a Banana Republic and an undemocratic state where one-voice control it all. There is time for change, it has been a long time for change. This cannot only be done by the freedom fighter Besigye, but has to happen by the will and acts of the people. The people have to say, enough is enough. The impunity, the theft and the ignorance of needs of the people is enough. Time to stand-up and be together in the struggle for just ice, liberty and accountability. For a regime who wants to deliver government services and also give taxation with representation. Something that isn’t done now by this government and the President. Peace.

IMF statement on Uganda’s current Economic framework has a “grey” list, but a steady core inflation!

The International Monetary funds have concluded yet another visit to Uganda. As todays statement and insights to the economy is dim. There is not much prospects or much goodness to take out of it. Unless, you are thinking to invest while the inflations are rising and hoping it does not stop. Even though the needless to say, it has been like this before after General Elections in Uganda. That the economy has suffered a blow and a shock, which has hurt the economy and food prices. Therefore, sparked demonstrations and uprisings, like that last big one in Walk to Work and Activist for Change in 2011. It is clearly on the same path, but just in 2017 instead. President Yoweri Museveni likes to repeat himself!

“Inflation has edged up, mainly reflecting the effects of the drought. Food price inflation rose from 5 percent year-on-year in September 2016 to 22 percent in April 2017. With this, headline inflation recorded 6.8 in April 2017. Core inflation stood at 4.9 percent, in line with the Bank of Uganda’s (BoU’s) 5 percent target” (IMF, 2017). These numbers are showing the decline and increase of common commodities, even if the Core Inflation is around the estimated level; the food prices are showing the problems in the economy in general.

“The authorities have made some progress on structural reforms. Two structural benchmarks have been met on time, three with delay, and the remaining five are pending. Most notably, the authorities moved forward the legislative agenda that will support Uganda’s exit from the Financial Action Task Force “grey” list—the laws now await President Museveni’s assent. The Ministry of Finance, Planning, and Economic Development published reconciled reports on the stock of outstanding arrears at end-June 2016 (3.2 percent of GDP). Pending reforms include sending the BoU Act Amendments to Parliament, publishing the report on end-December unpaid bills, and sending to cabinet a policy for regulating mobile money” (IMF, 2017). The GoU and President Museveni have not complied totally and made laws objectively transparent. Therefore, there are laws awaiting the approval and be requested to Parliament, as the state reserves and budgets are still enforced with the will of the President. In addition, a proof of the maladministration is the amount of budget arrears that was in last budget year, which will hit the economy, as the bills have to be paid this year.

“Uganda’s external position is broadly consistent with fundamentals and desirable policies in 2016. The current account deficit is projected to temporarily increase over the next 5 years as infrastructure and oil sector investment ramp up further. Achieving the envisaged growth dividend of these investments is essential to maintaining external stability—just as for public debt sustainability. International reserves at end-December 2016 stood at US$3 billion (5¼ months of next year’s imports), above the adequacy level suggested by the IMF’s metric for credit-constrained economies. Going forward, the BoU can purchase reserves opportunistically and would meet the EAC convergence criterion of 4½ months of imports. The flexible exchange rate regime is serving Uganda well” (IMF, 2017). Therefore, the government and IMF envisions that the future prospects of oil monies will be sustainable for the current loans into infrastructure projects. It even envision it and with that will ensure external stability and trust into the economic climate of Uganda, that shows that the trust in future gains is the ones; that makes people have faith in the Ugandan economy.

This is all here proof in stated language that the IMF are looking through the budgets and their laws. Nevertheless, is not addressing the trillions shillings suddenly disappearing, neither the Presidential Handshake, as these are just figment of imagination for the foreign economic advisors. They just do not see it or does not want to see it. Peace.

Reference:

IMF – ‘Uganda: Staff Concluding Statement of the 2017 Article IV Consultation Mission and Discussions for the 8th Review under the Policy Support Instrument’ (16.05.2017) link: http://www.imf-fmi.africa-newsroom.com/press/uganda-staff-concluding-statement-of-the-2017-article-iv-consultation-mission-and-discussions-for-the-8th-review-under-the-policy-support-instrument?lang=en

Red Pepper and the Pepper Publications defaulting on loans!

In the recent few hours more and more rumours of the Red Pepper Newspaper is having financial difficulties. Like they are losing money without having enough earnings, the Red Pepper is supposed to own the sum of 26 billion shillings. Earlier this month Red Pepper already had issues.

Take a look:

“The Pepper Publications recently suspended publication of Hello, Akapapula and Emulalu subsidiary tabloids after majority of staff left the company over accumulated salary arrears. As the publication grapples with collapsing copy sales and dwindling advertisement revenues, Stanbic bank’s action could push the tabloid to the edge of bankruptcy. Sources are telling this website that the Pepper Publications sold its Shs 5bn Crane Bank loan to Stanbic before directors picking an extra Shs 2.5bn for luxury cars. Unfortunately, the tabloid has fallen short of honouring its financial obligations, compelling the bank to take drastic measures” (…) “Failure to pay means The Pepper Publications will have to get another bank to make over the loan. SOURCES said staff at the tabloid is worried about the future of the publication as most of the meager revenues coming in end up in the pockets of directors. “What we are witnessing now is milking a rock. We have gone six months without pay” (Xrated, 2017).

So the Red Pepper has tried to come with much different publication, but without having the funds to facilitate the expansion. Therefore we are seeing a meltdown in funds. So now the banks has lost their patience and now are in big trouble, even Stanbic Bank went further. They even sent debt collectors. Here is the story!

“On Monday morning, a group of debt collectors from Stanbic bank raided Red Pepper offices in Namanve, in an effort to get back their money the tabloid borrowed in to fund their expansion” (…) “Those who were already in tried to flee while those who hadn’t come got phone calls from someone called George, the chief security guard and they decided not to come,” said a source at the newspaper” (…) “Meanwhile, the long serving finance manager Bob Mahebewa threw in the towel on the very day, and he resigned in an effort to avoid future embarrassments. Muhebewa told his close friends that he was scared when he saw Stanbic debt collectors and he knows they must arrest the top five directors unless they pay all the money owed to the bank” (Guide Reporter, 2017).

We can wonder who will buy the Pepper Publication or if the papers and magazines will stop to be published. Pepper Publication and Red Pepper Newspaper needs fresh funds, since the trailing tabloid. Since they need more people buying their paper and read their stories since it seems like the people aren’t picking it up or if the investors has given it up. It is either or. Peace.

Reference:

Guide Reporter – ‘STANBIC BANK DEBT COLLECTORS RAID RED PEPPER OFFICES, DIRECTORS FLEE WHILE FINANCE BOSS RESIGNS’ (14.03.2017) link: http://businessguideafrica.com/stanbic-bank-debt-collectors-raid-red-pepper-offices-directors-flee-while-finance-boss-resigns/

 

Xrated – ‘Stanbic Bank is set to recall a Shs7bn loan given to Red Pepper Publications as the tabloid’s financial woes worsen’ (10.03.2017) link: http://xrated.co.ug/stanbic-bank-is-set-to-recall-a-shs7bn-loan-given-to-red-pepper-publications-as-the-tabloids-financial-woes-worsen/

UPC Statement: “Bring Down the Cost of Education” (08.02.2017)

upc-08-02-2017-p1upc-08-02-2017-p2

Public Notice: DFCU Bank Limited Takes over Crane Bank Limited (27.01.2017)

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IMF Executive Board Completes the Seventh Review Under the Policy Support Instrument for Uganda (11.01.2017)

UGX Pic

Uganda’s economy has performed reasonably well in a complex environment.

WASHINGTON D.C., United States of America, January 11, 2017 – On January 5, the Executive Board of the International Monetary Fund (IMF) completed the seventh review of Uganda’s economic program under the Policy Support Instrument (PSI).1 The Board’s decision was taken on a lapse of time basis.2 In completing the review, the Board granted a waiver of the nonobservance of the end-June 2016 assessment criterion on the overall deficit of the central government.

The PSI for Uganda was approved by the Board on June 28, 2013 (see Press Release No. 13/78), and a one-year extension was approved on June 6, 2016 (see Press Release No. 16/263).

Uganda’s economy has performed reasonably well in a complex environment. Growth slowed marginally to 4.8 percent in FY15/16, reflecting muted sentiment in an election year and adverse global and regional developments. The current account deficit improved by 1 percentage point to 5.9 percent of GDP, and the Shilling has stabilized after a sharp depreciation in 2015. Growth is projected to nudge up to 5 percent in FY16/17.

Program performance under the PSI has been mixed. Tight monetary policy in 2015 has helped contain inflation in the target range, and the Bank of Uganda (BoU) has started an easing cycle in April 2016. Reserve cover remains adequate. Fiscal revenue and deficit targets were missed, reflecting lower-than-expected growth and election effects. Investment spending fell short, while current expenditure overshot. Structural reforms have progressed, albeit with some delays.

The banking sector remains overall well capitalized, despite elevated non-performing loans. The BoU appropriately took over an undercapitalized bank and is identifying a strategic investor.

Uganda remains at a low risk of debt distress. The scaling-up of infrastructure investment implies a temporary increase in debt, putting a premium on domestic revenue mobilization and ensuring that public investment yields the intended growth dividend.

Looking ahead, priorities include close cooperation with the Financial Action Task Force to ensure Uganda’s swift exit from its “gray” list; strengthening domestic arrears monitoring; and amending the Bank of Uganda Act to reinforce central bank independence.

1 The PSI is an instrument of the IMF designed for countries that do not need balance of payments financial support. The PSI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, signal to donors, multilateral development banks, and markets the Fund’s endorsement of a member’s policies (see imf.org/external/np/exr/facts/psi.htm). Details on Uganda’s current PSI are available at imf.org/uganda.

2 The Executive Board takes decisions without a meeting when it is agreed by the Board that a proposal can be considered without convening formal discussions.

Opinion: It’s total silence not defiance anymore

Dr. Kizza Besigye Quote Outspend

The Campaign of Defiance is dead, because the compliance has sunk the ship of Defiance that we’re ushered in with the Presidential Campaign of 2015/2016 of Forum for Democratic Change (FDC) and for the Presidential Candidate Dr. Kizza Besigye. The rigged and fraudulent election went down, the President since 1986 President Yoweri Museveni triggered election victory with 100% in dozens of districts and acted vicious in others; that are known opposition strongholds like Kampala, Wakiso and others. Therefore the FDC and Besigye should have and could have grievances on the methods of suppression of the votes.

Besigye’s campaign of defiance was a grand idea in the darkness of an oppressive regime under the National Resistance Movement. The NRM has for decades and during previous elections used public funds, used the state and security organizations to spread fear instead of free and fair election. As well as hiring fellow cronies in the Electoral Commission that we’re working directly on orders for the Movement instead of securing the popular vote, as well as using the Police Force and the Army to show where the loyalty should be, also gifts of soaps, food and small fees to take part of rallies in the districts. This has been NRMs way of spreading loyalty and fear mixed together.

So the Defiance campaign was a good idea, to defy the rigged system and state apparatus that has eaten the whole plate and only follows orders of loyal cronies of Museveni. That in itself was genuine and straight-forward plan from Besigye, only if more of the citizens and the party he was apart of really believed in it. As with time the defying plans has been silenced, the fighting the machine and corrupt behaviour of the state has turned silent.

MbabaziTDA110915P1

The FDC and the defiance after the failing Election Petition of the Go-Forward and Amama Mbabazi in Supreme Court, the FDC and Besigye hasn’t had the levels of defiance in them or tried to defy the structures that validates the regime. The FDC has turned into compliance as the swearing-in of Museveni happen and the Members of Parliament we’re sworn-in after the fraudulent election. It was topped when certain MPs went into Shadow-Parliament and legitimized the Movement.

So with this the FDC themselves did comply with Museveni and his fellow cronies instead of defying the ruler. They went into the chambers made sure they got paid and later trying to follow the lead of Besigye isn’t believable. That the same men and woman who easily take the small-change at the Parliament and later goes to FDC Prayers is playing to games.

The Short-Con is the Shadow-Cabinet and validating the rule of Museveni to make sure their pockets are filled and that their MPs respectability is fixed so their families and friends are secured. But with this they are forgetting the long-term damage to be parts of Movements skin-democracy.

The Long-Con is that with the sharing parts of the skin-democracy and playing the game of the freedom fighters while not really working the cause. So the long-con is some of the FDC leadership roles right now, only patching the hurt, but not trying to rebuild.

FDC 05.05.2016 Planned March

The Defiance Campaign was about defying the Movement… something that the FDC didn’t do, which is complicated and also lacking of moral support from the FDC while he was serving time in Moroto and Luzira. They might show up to gates of the prison and even say publicly that they condemn the Police Force actions against the democratic and rights to assemble as an opposition party.

So the plan of Defiance wasn’t supposed to be one-man band, Besigye wasn’t supposed to carry it on his own. Besigye weren’t alone as we could see youths, P-10 Groups and FDC-Diaspora we’re supportive efforts. You had and still have Lord Mayor Erias Lukwago and Gen. David Sejusa. Still, they have very few others who have been under fire at the same level without trading their souls, there is Ingrid Turinawe and Doreen Nyanjura has fought battles without much to gain.

That the silence in general should be worrying as the Police Force are continuing to battle with Besigye, his house is still besieged and the man is monitored every movement. If he breaks the barrier and creates public excitement, than it’s straight into detention or police brutality cases towards the crowds that surge the man.

Besigye should be free, the country should be free, but the silence isn’t saving anything. The silence has settled the defiance campaign and the mentality of the defiance agenda. They didn’t build momentum enough to stop the daily life and hurt the business of the movement. The defiance didn’t stop the Uganda Revenue Authority (URA) from collecting VAT or stop exports of fuel. The Defiance didn’t stop the UPDF from getting new recruits or any other possible monetary deficiency the campaign could do. Just like the shops stopping trading as the shop-keepers we’re even detained for doing so, because it hurt the taxation and trade that the Movement needs to run their merry-go-round of graft and embezzlement of public funds.

The Defiance could have worked if the FDC and Besigye had gotten the momentum and had the public will behind them, not the half-ready pile of work, sort of like the way the Police Force in Uganda picks up intelligence as they see fit in forged police case. The FDC could have used the anger and frustration of the public, the citizens who feel used.

So the May Protest this year we’re starting of profound messages that the citizens we’re on the road of pressing the government. So much we’re ready as they remembered the recent thieving of their future from the Movement yet again, the wounds we’re fresh. Still the army had been in the streets, the Police Force we’re targeting the opposition and also civil society offices we’re attacked.

FDC Youth 14.03.2016

The people shouldn’t be silenced as the Christmas season are in line, the FDC cannot carry this alone, not that all of them wanted the defiance; they wanted the easy compliance life of the pseudo-opposition instead of a fighting defying organization that could get rid of the militarized movement that been running it since the 1980s. That should be KEY. That should be the goal of the FDC; instead many went into legitimizing it.

So the silenced is understandable, Besigye and his trials cannot be of only him and it isn’t, but it is many who has given in and went back to business-as-usual. Besigye could have more support from the FDC NEC, but he hasn’t. They don’t have the backbone and the wish to succeed. They gave in when it was going against the grain. They we’re risking it all and couldn’t. While Besigye is again under a “treason” charge as others who are questioning the Movement; the others are walking free and without any Court Orders in their name.

It’s not like the man who took the power by the gun want to leave silent or let it go easy, he fought a brutal bush-war. Now he has a big-army and guerrillas of M23, Museveni got allies of USA and Russia dropping arms in his favour so he can suppress his people. Citizens can fight this, but they cannot only rely on Besigye. Besigye only has power if the people are behind him. If the people are working with to dismantle the regime, but the silent obedient citizens are changing an illegitimate regime. Civil disobedience and systematic effort to discontinue the regime would be true defying the Movement. Instead the silence is what is running the tides as 2017 are coming around the corner. Peace.