Uganda’s Domestic Debt Surge Linked to Anti-Gay Legislation’s Impact on Foreign Lending
Kampala, Uganda – The domestic debt in Uganda has surged dramatically amid international lenders pulling back in response to the country’s strict anti-gay legislation. This law has sparked widespread condemnation from foreign governments and organizations, leading to a tightening of available funds and increased financial pressure on the Ugandan economy. As foreign financing dwindles, Uganda’s reliance on domestic borrowing has escalated. The country’s debt reached approximately 57 trillion Ugandan shillings (about $15.5 billion) by the end of the last fiscal year, representing over 50% of GDP. The increase has raised concerns over fiscal sustainability and … Read more