Uganda Parliament approves UGX1.7 trillion loan request

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Members of Parliament have approved a request by the government to borrow $464 million (about UGX1.7 trillion) to finance infrastructure and development needs of the budget despite objection from the opposition, who say the loan terms are unfair.Referred to Parliament’s Committee on National Economy on Tuesday, the loan is to be sourced from Standard Chartered Bank, which will serve as “the le