Govt makes commitment on reducing public debt
By Benjamin Jumbe
Government has made several commitments aimed at reducing the country’s public debt burden.
As at the end of December 2021, Uganda’s total public debt stock stood at Shs. 73.5 trillion, out of which external debt amounted to Shs. 45.7 trillion and domestic debt amounted to Shs. 27.7 trillion representing a nominal debt to GDP ratio of 49.7 percent.
The minister of finance Matia Kasaija says the government is to implement a number of measures to ensure long term public debt sustainability which will include reducing the level of domestic borrowing over the medium term to an average of 2.2 percent of GDP per year and implementing the Public Investment Financing Strategy.
He also says the government will now focus on increasing domestic revenue by implementing the Domestic Revenue Mobilisation Strategy.
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