In the first seven months of 2023/2024, government expenditure was 20.68 trillion, out of the 24 trillion that had been planned, with interest payments shooting by 47 billion beyond the budgeted.
Kiggundu's lawyers, led by Fred Muwema, argued in the application that DTB had introduced new grounds during the appeal process, and they sought judgment on the admission that DTB operated without a required license, resulting in the fraudulent withdrawal of funds from their client’s bank accounts.
"We have consulted our client regarding the court's ruling. Our client has informed us that he is not willing/interested in being added to the suit as an interested party," says the statement from BOU counsel, David Mpanga. "Accordingly, we write to the same court informing it of the same," Mpanga said.
A syndicated loan or a syndicated bank facility is financing offered by a group of lenders, who are then referred to as a syndicate, who work together to provide funds for a single borrower, according to US Based website, Investopedia.
The borrower can be a corporation, a large project, or a sovereign government. The loan can involve a fixed amount of funds, a credit line, or a combination of the two.
