Uganda: Govt Move to Borrow Extra Ugx 2.4 Trillion Stirs Mixed Reactions

Kampala, Uganda — A government move to borrow 2.4 trillion shillings from Stanbic Bank and Trade and Development Bank to plug the budget deficit, has evoked mixed feelings from economists and observers.

On Thursday, State Minister for Finance David Bahati tabled a request before parliament indicating that the government plans to borrow 2.43 trillion shillings to finance a budget deficit realized a few months into the current financial year. The money, he said, would be sourced from the two banks at 4 percent interest, repayable in seven years.

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