COVID FUNDS BACK FIRE, OJANGOLE IN HOT SOUP!

Members of parliament on the Finance Committee have been disappointed with the Executive Director Uganda Development Bank Patricia Ojangole, for violating the set guidelines of lending the covid-19 stimulus package fund to Ugandans.

The package was meant to boost the various businesses that were hit by COVID 19 lockdown.

Parliament in August last year, approved over 455 billion shillings together with guiding procedures on how the money should be lent to businesses that were affected by the pandemic.

Appearing before the finance committee of parliament the Executive Director Uganda Development Bank Patricia Ojangole said that whoever accessed the money followed the normal bank process and they have so far disbursed over 200 billion shillings.

“All those who received the money did so using the right means” says Ojangole during the committee.

The Members of Parliament also grilled her to explain why they lent money to a tune of 20 billion shillings to Akamwesi arcade construction yet it did not fall under the categories that were supposed to benefit from the stimulus package but Ojangole denied.

 Members of Parliament also further asked Ojangole to present to the committee the beneficially list at the later date so that they cross check.

The money approved was to support businesses in the processing sector, Manufacturers, Agro-Business and services.

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