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Tag Archives: debt

China’s debt grip on Africa

It holds 62% of Africa’s bilateral debt which rose from 1% of GDP to over 15% in a decade  COMMENT | PAOLA SUBACCHI | The pandemic is confronting highly indebted poor countries with a fateful dilemma. As Ethiopian Prime Minister Abiy Ahmed, a Nobel Peace Prize laureate, lamented last April, …

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SH200,000: 65 year old teacher commits suicide over debt

Kampala, Uganda | THE INDEPENDENT | A teacher has committed suicide in Oyam district allegedly over debt. The deceased has been identified as Aldo Ocen, 65, a teacher at Ayomjeri primary school in Aber sub county, Oyam district. Ocen, a resident of Akudi-Igida village, Adel Parish in Minakulu sub county consumed …

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Africa’s gathering debt storm

The continent’s debt-service payments in 2020 amount to $44 billion which is a lot of money COMMENT | COBUS VAN STADEN | The COVID-19 crisis is pushing Africa to the financial brink. African governments are under pressure to continue servicing their external loans, leaving them with few resources to confront …

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Gulu regional referral hospital in UGX 262m debt

Kampala, Uganda | THE INDEPENDENT | Gulu Regional Referral Hospital is struggling to pay 262 million shillings debt incurred from Covid-19 activities. James Elima, the hospital director disclosed on Thursday that the hospital purchased food worth 190 million shillings for feeding Covid-19 suspects and patients at the quarantine and treatment …

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Parliament committee cautions gov’t on expensive China loans

Kampala, Uganda | THE INDEPENDENT | The National Economy committee of Parliament has asked the government to scale down debt contracting to only projects that have high economic and financial returns, and target cheaper concessional loans to finance investments. According to the committee, as the country’s external debt position faces …

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Finance Ministry to clear police domestic arrears

Kampala, Uganda | THE INDEPENDENT | Uganda Police Force (UPF) will now have a sigh of relief after the Ministry of Finance took over its 125 billion Shillings debt. The debt is a result of unpaid bills for power, food, water, housing, vehicle maintenance, fuel and lubricants accumulated up to …

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UMEME dragged to court over UGX 115M debt

Kampala, Uganda | THE INDEPENDENT | Electricty distributor UMEME has been dragged to court for failing to pay more than 115 million shillings to an advertising firm. In its petition before the Commercial Division of High Court, QG Saatchi and Saatchi Limited is seeking an order for the payment of …

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