Ugandan National Debt Sky Rockets to U.S.$18 Billion

Uganda's debt levels has hit a record U.S.$18 billion as of December 2020, up from U.S.$13 billion in 2019. The country's public debt portfolio is projected to swell in the next financial year, with economists warning that it could surpass the 50% threshold. The government has said that it took loans to finance key infrastructure projects in the transport, oil and gas sectors, and to address the negative economic impact of the Covid-19 pandemic. An advocacy group Uganda Debt Network has said: "Debt servicing continues to take a huge portion of government revenue. However much tax measures we put in place, all the monies collected will go into debt repayment for as long as we don't streamline our borrowing against development financing."

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The Kampala-Entebbe expressway (file photo).

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