Soaring public debt worries CSOs
Civil Society Organizations (CSOs) are concerned about the soaring public debt in the country.
According to the Auditor General’s Report for the financial year 2022/23, the total public debt as of 30th June 2023, amounted to Shs96.168 trillion.
Mr Jeff Gidaguyi Wadulo, the head of programs and advocacy at the Civil Society Budget Advocacy Group (CSBAG), says this comprises of domestic debt stock of Shs43.696 trillion and an external debt stock of 52.472 trillion.
In just one year, the debt increased by 9.329 trillion compared to the previous year’s debt of Shs86.839 as of 30th June 2022.
He said that although the economy has grown from Shs132.09 trillion in Financial Year 2018/19, to Shs 184.895 trillion in FY 2022/23, the public debt is growing at a high rate than the Gross Domestic Income (GDP).
Wadulo attributed this to increased government spending which has exceeded the domestic revenue thus leading to a fiscal deficit.
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