Uganda’s Public Debt Skyrockets to Shs 88.807 Trillion

KAMPALA – Bank of Uganda has disclosed that Uganda’s provisional public debt reached Shs 88.807 Trillion as of August 2023.

Deputy Governor Atingi Ego, addressing the National Economy Committee, highlighted the government’s substantial borrowing appetite, urging MPs to address the issue.

He emphasized the impact on private sector credit costs due to government’s reliance on commercial banks.

Atingi-Ego also revealed that banks facing Shs 5 Trillion worth of court cases filed by borrowers, hindering lending to the private sector, and stressed the need for a resolution to safeguard depositors’ money.