News reaching the Ugandan Daily confirm the issuance of the National Social Security Funds to East African community states including Kenya, Tanzania and Rwanda.
The Managing Director of NSSF Richard Byarugaba revealed this and termed it to a s an “investment” of the institution.
“Sh15.6 trillion savings of the members have been invested out of which these countries will pay us good interest.” Byarugaba further explained as he was appearing before the Gender, Labour and Social Development Committee of Parliament at Serena Hotel Thursday.
Uganda government has so far borrowed sh7.6 trillion, the Kenyan government has borrowed sh2.7trillion, the Tanzanian government has borrowed sh1.4 trillion, and Rwanda government has borrowed sh28b.
The MD further added on that currently through securities (bonds) the Uganda government has so far borrowed sh7.6 trillion, the Kenyan government has borrowed sh2.7trillion, the Tanzanian government has borrowed sh1.4 trillion, and Rwanda government has borrowed sh28b.
The institution says that through investing in equity markets, they have invested in buying shares in companies in Uganda, Kenya, Tanzania, and Rwanda. NSSF has invested 1.1trillion in the Kenya equity market, sh47b in Rwanda equity market, and sh469b in the Tanzania equity market, and sh117b invested in the Uganda equity market.
It should be noted that Uganda is still battling with paying back it’s loans that it has borrowed from different financial instituitions around the world.
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