Uganda reduces external borrowing by 98% to tackle rising debt, aiming for $500 billion GDP by 2040
Uganda’s Ministry of Finance announced a significant decrease in external borrowing, cutting it by 98% for the 2025-2026 financial year. In response to the escalating public debt, which rose from $23.7 billion to $25.6 billion between last year and June 2024, the government has initiated this measure, according to official ministry statistics. The increasing debt…