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Tag Archives: public debt

Audit report: Public debt growing at higher rate than GDP

Kampala, Uganda | THE INDEPENDENT | Uganda’s Public debt is growing at a higher rate than the Gross Domestic Product –GDP, according to the latest Auditor General’s report for financial year ended 30th June 2023. The audit report was on Tuesday presented to the Speaker of Parliament, Anita Among by the …

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CSOs latest concerns on public debt, PDM

The group wants a clear government plan for putting money in people’s pockets Kampala, Uganda | JULIUS BUSINGE | Civil Society Organizations under their umbrella, the Civil Society Budget Advocacy Group (CSBAG) are concerned about the insufficient budget allocation to address domestic arrears arguing that the move could stifle private …

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Further borrowing will constrain development efforts: BOU

Kampala, Uganda | THE INDEPENDENT | The Deputy Governor of the Bank of Uganda, Michael Atingi-Ego has told parliament that the country’s public debt has now hit 80 trillion Shillings. He says that Uganda’s debt servicing in the current financial year 2022/2023, is at a ratio of tax revenue estimated at …

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Kenya moves to curb fast expansion of external debt as shilling falls

Nairobi, Kenya | Xinhua | Kenya has moved to diversify the currency composition of its external debt to curb its faster expansion as the local currency, the shilling, fast loses ground against major international currencies, according to the National Treasury. The shilling has declined nearly 8 percent against the dollar year-to-date, …

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Breaching public debt ceiling

Kenya case show how a country gets there and what that means Kenya’s newly elected president, William Ruto, has earned more legal space to borrow for his grandiose economic plan after parliament recently raised the country’s public debt ceiling to KSh10 trillion (US$100 billion). The new administration says the country …

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Parliament to budget for contingency fund to curb supplementaries

Kampala, Uganda | THE INDEPENDENT | Legislators have committed to budget for a contingency fund in the next budget cycle after it was left out in the Financial Year 2022/2023 budget. The commitment came on Wednesday, September 21, 2022, during plenary when the Vice-Chairperson of the Budget Committee, Ignatius Wamakuyu, reported that …

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Uganda’s public debt rises to UGX 73 Trillion

Kampala, Uganda | THE INDEPENDENT | Uganda’s public debt has risen to 73.8 trillion shillings (about 20.8 billion US dollars), according to provisional figures at the Bank of Uganda up to the month of October 2021. By the end of June 2021, the Ministry of Finance, Planning, and Economic Development reported …

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Auditor General calls for strategy on worrying nation’s debt

Kampala, Uganda | THE INDEPENDENT | Auditor General John Muwanga says that Uganda’s high cost of borrowing may deny future generations the opportunity to sustainably borrow. This is carried in his findings on the public debt in the financial year 2019/2020 audit report that he presented to Speaker Rebecca Kadaga on …

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