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UDB Public Notice

18th, March 2021

On Thursday 18th March, the New Vision newspaper published a story, accompanied by a list of clients reported to have benefited from a Government COVID-19 bailout package. This followed an appearance by UDB management before the Finance Committee of Parliament to present the status of the Bank performance on the 17th of March 2021. We wish to clarify facts as follows:

  1. UDBL is a Government owned Financial Institution, which is funded by Government using public resources,
    among other sources.
  2. As per the Legal framework, Parliament shall ensure that public resources are held and utilized in a transparent,
    accountable, efficient, effective and sustainable manner. Further, In the exercise of the Committee functions,
    Committees of Parliament shall have powers of the High Court to Compel the production of documents by
    public officers, among others.
  3. In August 2020, UDBL received funding to implement a component of the Government’s stimulus package,
    which was specifically to support resilience and self-sufficiency of the economy by ensuring that the country
    had adequate essential goods and services to mitigate and support faster recovery of the economy from the
    negative impacts caused by the pandemic.

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