Africa: Uganda Joins Africa's Big-Debt Club, Central Bank Warns On Default

Uganda's national debt has nearly trebled in the last three years to more than 50 per cent of gross domestic product, creating a risk of default risk, since nearly two-thirds of that borrowing is external, the central bank said.

In a report titled "State of the Economy" published late on Thursday, the Bank of Uganda said the rising costs of servicing the country's $15.1 billion of debt could hit economic growth because of reduced public investment.

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