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.

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


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