Auditor General's Report: Bank of Uganda, UDC suffer huge losses in 2019
Bank of Uganda lost more than Shs 800 billion last financial year notes the report of the Office of the Auditor General for december 2019.
According to the report, the Auditor General scrutinised the performance of government corporations and entities.
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From the report, Bank of Uganda, Uganda Development Corporation (UDC) and Uganda Air Cargo Corporation are some of the entities that made losses.
The central bank in particular lost Shs 855 billion last financial year which contrasts sharply with the Shs 424 billion profit they registered in 2018.
Last year, Bank of Uganda asked Parliament to approve Shs 484.9billion to enable it recapitalize its operations, meaning they were running in losses.
Uganda Development Corporation made losses of Shs17 billion.
Uganda Electricity Generation Company, Uganda Property Holding and Civil Aviation Authority registered profits.
According to the report, other companies that recorded losses were Capital Markets Authority (Shs 43 million) and the NEC Tractor Project which lost Shs 380 million.
