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Ronald Peter Eceru has more than 10 years of experience in advocacy, working in local, regional and global fields and is currently the coordinator of Advocacy at Centre for Health Human Rights.
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The East African
Wednesday February 10 2021
Banana traders at the outdoor market in Nakawa, Kampala. Uganda’s debt servicing burden continues to rise. FILE PHOTO | NMG
Summary
The country’s budget is projected at $12.38 billion, of which $5.66 billion will go to debt servicing, against total domestic revenue that is projected at only $5.88 billion.
The debt servicing burden continues to rise and government officials say the extra borrowing is necessitated by the need to cover for both the revenue shortfalls and the Covid-19-related expenditure needs.
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Uganda will spend a bulk of its domestic revenue on debt servicing in the next financial year as the country works to resuscitate its Covid-19 battered economy.