Bank of Uganda’s Executive Director for Research, Dr Adam Mugume says if the 2021/2022 budget proposals are passed, the total outstanding debt of the country will rise to Shs86.9 trillion, which will be 52% of the GDP.
COVID-19 has dealt a major blow to the world’s poorest countries, causing a recession that could push more than 100 million people into extreme poverty. Earlier this year, the World Bank and the IMF urged the group of the richest countries, the G20, to establish the Debt Service Suspension Initiative, or DSSI, as the COVID-19 pandemic started to hit poorer countries worldwide.
