Home Business Worry As Uganda’s Public Debt Hits Shs80Tn, Crosses 50 Debt to GDP

Worry As Uganda’s Public Debt Hits Shs80Tn, Crosses 50 Debt to GDP

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Uganda’s Public Debt has hit Shs80Tn, crossing the red line.

The debt has crossed the 50% debt to GDP Ratio.

Of the Shs80Tn, Shs47Tn is from foreign lenders, while Shs33Tn was borrowed from the domestic market

Officials from the Bank of Uganda led by Michael Atingi-Ego the Deputy Governor told legislators sitting on Parliamentary Committee on Finance that this debt is manageable.

These said that the magnitude of the debt is also influenced by the foreign exchange rate and debt repayment.

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“We delayed for two months because quarterly two releases had begun coming out so that delay for that particular time in our view was because it helped us to control exchange rates,” Ego told MPs.

The legislators were concerned that government officials seem to be reading from different scripts on the state of the economy with the Uganda Revenue Authority stating that it had surpassed the first quarter collection target yet within one week, the finance ministry tabled more than two loan requests in parliament.

Paul Omoro, the Otuke Constituency MP for example said that Atingi-Ego has to clarify whether fiscal discipline is really necessary to manage inflation or that the ministry of finance did not release the money to Government entities.

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