Uganda’s National Debt Surged 21% to Offset the Downturn Brought on by COVID-19

The Ugandan government has significantly increased its borrowing in a bid to help mitigate the financial impact of the ongoing economic crisis brought on by the COVID-19 pandemic. The Central Bank on Tuesday said that in the period from June 2019 to June 2020, borrowing increase by 21%.

Most of those new loans came from the IMF, Trade and Development Bank, and Stanbic Bank.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
China, U.S. Ink Rare Earth Deal; More Trade Pacts Coming
4
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
5
Six Million Donkeys Slaughtered for Chinese Medicine: Charity
6
Rubio to Welcome Asian ‘Quad’ Back to Washington

You Might Like

The Uganda Airport Controversy is Prompting Renewed Discussion in East Africa About Chinese Debt

The last two weeks’ uproar over (unfounded) allegations that Uganda will forfeit the Entebbe International Airport is finally winding down. It’s making way for a more nuanced, thoughtful discussion on the implications of ...

What Does Chinese Lending to Africa Look Like Now?

China has been one of the most important development lenders to Africa over the last quarter of a century. This has transformed the African development landscape in helpful and problematic ways. It is ...

“The Idea That Africa is Drowning in Debt is Nonsensical”

The former president of the African Development Bank, Dr. Donald Kaberuka, joined a chorus of African leaders this week to reject accusations that African governments have taken on too much debt and have ...

Six African Leaders Confront IMF Director, Insist that Bretton Woods Institutions Have to Change

Dr. Kaberuka’s comments on Sunday in Kigali were similar to sentiments expressed in a somewhat confrontational forum that took a few days earlier in Dakar. At a conference on ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP