This is according to the country’s ministry of finance, who had earlier warned that Uganda is concerned about the expanding public debt load and surging debt-servicing expenses, and similar reservations have been raised by the central bank and others.
When Uganda intends to start producing oil in 2025, economic growth is anticipated to reach 7%, which would aid in Uganda’s massive public debt entering a “declining trend.”
To assist relieve its debt woes, the ministry announced it will not conduct any external borrowing in the next financial year starting in July.
