Uganda’s total public debt rose by 14.8% in the 12 months to June this year \u200bfrom the corresponding previous period as the government \u200cramped up domestic debt issuance to fund a budget deficit, the finance ministry said.<\/p>\n
The East African country’s total public debt stock \u200bsurged to $37.1 billion in June, up from $32.3 billion \u200bin the corresponding month last year, the ministry \u2060said in a report provided to Reuters on \u200bThursday.<\/p>\n
As a share of GDP, the debt load rose \u200bto 54.3%, up from 51.3% in the same period, while external debt accounts for 43.9%.<\/p>\n
The increase in indebtedness stemmed mostly from higher \u200bdomestic debt issuance to fund the budget deficit \u200bin the financial year that ended in June, the ministry said \u200cin \u2060its report.<\/p>\n
The period saw increased domestic Treasury bond issuance, underscoring the government’s new strategy of prioritising long-term borrowing to finance development needs, it added.<\/p>\n
“This strategy helps reduce \u200brefinancing and rollover \u200brisks,” the \u2060ministry said.<\/p>\n
Last year the government introduced the 25-year Treasury bond, with the longest tenure \u200bof its domestic debt offerings, to help \u200blengthen \u2060the maturity of the debt portfolio.<\/p>\n
The central bank has previously expressed concern over the rising debt. In August, ratings \u2060agency \u200bFitch said Uganda’s rating, affirmed at “B” with \u200ba stable outlook, was constrained by rising public debt and a \u200bhigh interest burden.<\/p>\n","protected":false},"excerpt":{"rendered":"
Uganda’s total public debt rose by 14.8% in the 12 months to June this year \u200bfrom the corresponding previous period as the government \u200cramped up domestic debt issuance to fund a budget deficit, the finance ministry said. The East African country’s total public debt stock \u200bsurged to $37.1 billion in June, up from $32.3 billion […]<\/p>\n","protected":false},"author":6,"featured_media":11689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":5,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[29,32,2362],"tags":[132],"class_list":["post-22090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-africa","category-economy","category-featured","tag-uganda"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=22090"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22090\/revisions"}],"predecessor-version":[{"id":22091,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22090\/revisions\/22091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/11689"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=22090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=22090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=22090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}