According to the Association’s Executive Director Wilbrod Owor, in the first month of restructuring, commercial banks received more than 750,000 restructuring applications. Of these, 755,000 requests worth 2.028 trillion Shillings were approved.
BoU Governor Emmanuel Tumusiime Mutebile issued the warning on Thursday while appearing before Parliament’s National Economy Committee, where he was summoned to discuss the impact of the COVID-19 pandemic on the economy.
Three of the roadside markets have already been closed on the directive of the task force after they failed to implement the Standard Operating Procedures aimed at combating the spread of the virus. The affected markets are Balikyejusa, Balikyewunya and Wobulenzi roadside market.
The transaction is conditional upon the approval of the company’s shareholders who will meet on July 15. The process of approval according to the rules, requires a simple majority shareholding approval. They are expected to vote and approve the deal before the sale can be concluded in Uganda.
Hoima Hardware market that accommodates mostly traders dealing in second hand clothes was closed on March,17,2020 by security operatives in conjunction with Hoima Municipal authorities after the traders failed to comply with the guidelines issued by President Yoweri Kaguta Museveni to guard against the deadly COVID-19 Pandemic.