Cabinet sets Janani Luwum day, nods to mobile money

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Archbishop Janani Luwum

Cabinet sat on Monday February 11, 2019 at State House Entebbe, and noted that the 42nd Commemoration of St. Janani Luwum Day will take place on Saturday 16th February, 2019, at Mucwini, Kitgum District under the theme “Do not dwell on the past”.

Janani Jakaliya Luwum was the archbishop of the Church of Uganda from 1974 to 1977 and one of the most influential leaders of the modern church in Africa.

He was arrested in February 1977 and died shortly after.

PPDA Bill

Cabinet also approved the Procurement and Disposal of Public Assets (PPDA), Bill, 2018.

The Bill seeks to: Reduce on the lengthy Procurement lead time; Reduce on the number of Key players in the Administrative Review from the current three to one tier; Harmonize Procurement Regulations for Kampala City Authority and Local Governments by providing for; the Minister responsible for the Kampala Capital City Authority and or the Minister responsible for Local Governments in consultation with the Minister for Finance Planning and Economic Development to develop specific Regulations for selected entities as when deemed necessary.

Labour bill 

Cabinet approved the Labour Disputes (Arbitration and Settlement)(Amendment) Bill, 2018.

The objectives of the Bill include: To provide for the Official seal of the Industrial Court; To Amend the composition of the industrial  Court; To provide  for the powers of the Industrial Court; To ensure that the terms  and conditions  of appointment  of the Head Judge, Deputy Head Judge and other Judges  of the Industrial  Court are similar  to those of the Judges of the High Court and  To provide for appointment of Registrar, Deputy Registrar, and Assistant Registrar and for other related issues.

Mobile Money 

Cabinet approved the proposal to use Mobile Money as a platform for investing Government securities and the expected benefits of the project include:

To the Government: Increased savings and investment  amongst Ugandans thus effectively enhancing financial inclusion and economic growth; Enhanced distribution capacity of Government securities with the ability to reach out to individual  retail  investor  especially those in rural areas;

Reduced cost of domestic debt: Widening the scope of investors reduces the dependence on a few players such as commercial banks, offshore players and institutional investors which tend to bid highly in the auctions given that Government has limited choice.

This product takes on the characteristics of a Collective Investment Scheme, which is not taxed under the Income Tax Act. Therefore tax will not be considered when pricing.

To the retail Investor; Enhanced savings and investment; this product will provide the opportunity for local people to save and earn some income; Ease of access to Government securities; retail investors will not have to physically deliver bids to their banks (which are sometimes a long distance away);

An opportunity to enhance private sector credit as Government securities are the highest form of collateral for loans; An opportunity for Diaspora investors to save and earn a good return while developing their country.

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