This archive report was first published on 6 June 2020.
On June 4, 2020, Ugandan President Yoweri Museveni addressed the nation via video link from State House, outlining his plan to support the economy amidst the COVID-19 pandemic.
With the country in a stringent lockdown, President Museveni announced a raft of 11 stimulus plans to provide relief to businesses. The measures include suspending PAYE payments for four months, expediting government debt payments, and allowing corporations to delay corporation tax or presumptive tax payments.
President Museveni also proposed waiving interest on tax arrears and announced that the Uganda Development Bank would be recapitalised to the tune of Ush1 trillion (approximately $2.5 billion).
However, economists have expressed skepticism about the effectiveness of the president's intervention, citing limited room for maneuver. Fred Muhumuza, an economics lecturer at Makerere University, noted that the president's measures may only provide short-term relief.
Godbar Tumushabe, of the Great Lakes Institute for Strategic Studies, questioned the seriousness of the president's commitment to addressing the economic challenges posed by the pandemic.
