Thursday, June 24, 2021

    Uganda to borrow 600 million euros to plug 2019/20 budget deficit

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    KAMPALA (Reuters) – Uganda plans to borrow 600 million euros ($661 million) from international banks to plug a hole in its 2019/2020 budget after domestic revenue collections fell short by 9%, amid delays in implementation of some planned tax-generating measures.

    The move could heighten concerns about the East African country’s growing debt pile which the International Monetary Fund has warned would likely surpass 50% of gross domestic product in 2021/2022. Uganda’s financial year starts in July.

    The Finance Ministry said in documents posted on parliament’s website that the government planned to borrow the money from a local unit of South Africa’s Standard Bank and regional Trade Development Bank.

    ($1 = 0.9073 euros)

    Reporting by Elias Biryabarema; Editing by George Obulutsa and Edmund Blair

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