Uganda’s National Debt Surged 21% to Offset the Downturn Brought on by COVID-19

The Ugandan government has significantly increased its borrowing in a bid to help mitigate the financial impact of the ongoing economic crisis brought on by the COVID-19 pandemic. The Central Bank on Tuesday said that in the period from June 2019 to June 2020, borrowing increase by 21%.

Most of those new loans came from the IMF, Trade and Development Bank, and Stanbic Bank.

While debt levels in Uganda have increased substantially over the past year, the Central Bank provided reassurances that at 40.8% of GDP the country’s debt sustainability remains manageable and the risk of debt distress is “low.”

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The post Uganda’s National Debt Surged 21% to Offset the Downturn Brought on by COVID-19 appeared first on The China Africa Project.



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