Uganda joins Africa's big-debt club, central bank warns on default
Bank of Uganda headquarters in Kampala. The country's national debt has nearly trebled in the last three years creating a risk of default risk. PHOTO FILE | NMG
Uganda’s national debt has nearly trebled in the last three years to more than 50 per cent of gross domestic product, creating a risk of default risk, since nearly two-thirds of that borrowing is external, the central bank said.
In a report titled “State of the Economy” published late on Thursday, the Bank of Uganda said the rising costs of servicing the country’s $15.1 billion of debt could hit economic growth because of reduced public investment.
