By our reporter

Finance Minister Matia Kasaija has denied media reports that government is in plans to borrow shs700 billion to pay public servants’ salaries.

Addressing the media today at Uganda Media Centre in Kampala, Kasaija alleged that the story concerning borrowing that appeared in New Vision on Monday was an exaggeration of the proposed borrowing that he laid before Parliament.

Kasaija said government is going to borrow shs48 billion to meet the shortfall of salaries which is only 1.3 percent of the total GoU wage bill.

“I would like to inform the General Public that this story was an exaggeration of the proposed borrowing that I laid before Parliament. We borrow to a large extent to finance capital development and production,”said Kasaija.

“I therefore wish to re-iterate that whereas Ushs 48 billion of the borrowing will meet the shortfall on Salaries, this is only 1.3% of the Total GoU wage bill. The Wage Bill for this Financial Year, amounts to Ushs 3.58 Trillion and a total of Ushs 2.70 Trillion (75.4%) has already been released covering the first three (3) Quarters of the Financial Year,” he added.

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