This archive report was first published on 3 January 2020.
Published on January 3, 2020, Reuters reported that Uganda's government plans to seek both concessional and non-concessional credit lines to finance its 2020/2021 budget, valued at $10.8 billion.
The loan amount of $1.89 billion is a significant portion of the country's budget, and it is expected to be sourced from external lenders, with China being the main external creditor in recent years.
Uganda's debt has been a subject of concern, with both local and international bodies raising concerns over public spending. As of June 2019, the country's public debt stood at $12.55 billion, with $8.35 billion coming from external sources and $4.2 billion from domestic debt.
Finance Minister Matia Kasaija has proposed several plans to curb the growing debt, including increasing domestic revenues, prioritizing the timely execution of projects, and improving the country's export earnings.
