Uganda to borrow nearly $2 billion to fund budget

Uganda to borrow nearly $2 billion to fund budget

Uganda has disclosed plans to borrow $1.89 billion from external lenders in the 2020/2021 July-June fiscal year to partly finance its budget. 

This follows a 9% shortfall in domestic revenue collections caused by delays in implementing planned tax-generating measures, according to the country’s finance ministry.

The proposed borrowed funds will be disbursed in the form of concessional and non-concessional credit.

In recent years, China has become one of the country’s top external lenders.

The country’s economic growth in 2020/2021 will be 6.2% driven by higher productivity in manufacturing, agriculture, public and private sector investment, as well as regional and domestic trade.

Your Friends Also Read:  Coronavirus Infections Exceed 1.2 Million in Africa

However, Uganda’s mounting public debt has fuelled concerns as the
International Monetary Fund has urged authorities to rein in borrowing.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article
Gunfire Near Guinea-Bissau Presidential Palace (News Central TV)

Opposition leader Embalo wins Guinea Bissau presidential runoff

Next Article

Guinean club Wakriya AC involved in fatal bus crash

Related Posts
Powered by Live Score & Live Score App