DFCU Bank: “Re: Alleged DFCU Bank Cheque” – ‘Saga of the Hon. Odonga forged bank cheque’ (13.01.2017)

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UPF: Transfers/Appointments Gazetted Officers (12.01.2017)

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Letter from Hon. Otto Ondonga to DFCU Bank “Re: Alleged DFCU Bank Cheque” (12.01.2017)

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Uganda: Withdrawal of the Constitutional Application No. 06 of 2017 (12.01.2017)

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Statement of Uganda Law Society on Interim Order issued in the matter of Sabiti Eric v Attorney General (Constitutional Application No. 6 of 2017 arising out of Consitutional Petition No. 4 of 2017) – (11.01.2017)

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Uganda: “The Judiciary respects that the Parliament to put aside DCJ Kavuma Court Order on the “Presidential Handshake” (11.01.2017)

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

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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.

Uganda: Clarification on the URA Boss’ visit to Parliament (10.01.2017)

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UPDF: Appointments, Transfers and Promotions in the UPDF (10.01.2017)

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Total to acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert Project (09.01.2017)

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Paris, January 9, 2017Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project. 
Following this transaction, Total will hold a 54.9% interest, strengthening its position in this competitive project and paving the way for a project sanction in the near future.
The overall consideration paid by Total to Tullow will be $900M, representing a reimbursement of a portion of past costs, payable in installments along the development of the project, with an initial payment of $100M at closing.
 “Following the agreement on the Tanzanian export pipeline route, this transaction gives Total a leadership position to move this project efficiently toward FID in the current attractive cost environment, while providing strong alignment and a pragmatic financing scheme for our partner Tullow,” said Patrick Pouyanné, Total Chairman and CEO. “Our increased share in the Lake Albert project will bring significant value to Total and fits with our strategy of acquiring resources for less than 3$/b with upside potential.
Under the terms of the deal, Total will acquire 21.57% out of Tullow’s existing 33.33% stake in all of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A. Total, which is already operator of licenses EA1 and EA1A, will in addition take over operatorship from Tullow of license EA2, enabling significant efficiency gains and synergies.
Closing of the transaction is subject to customary regulatory and government approvals and to partner pre-emption rights.
Total in Uganda:
Total has been present in Uganda since 1955 in Marketing and Services with today over 150 service stations across the country and an overall market share of 24%. It is present in Upstream oil since 2011 after acquiring from Tullow a 33.33% interest in the licenses EA1, EA1-A, EA2, and EA3 covering the Lake Albert Oil discoveries. Total is then approved by the Government of Uganda to operate oil exploration and production activities in licenses EA1 and EA1-A
In April 2016, the Government of Uganda decided to export the Lake Albert oil through a pipeline (EACOP) via Tanzania to the port of Tanga. And in August 2016, the production licences for EA1 and EA2 were formally granted. The Uganda Joint Venture is now commencing the FEED (Front End Engineering and Design) phase for the Upstream and the EACOP pipeline.