Uganda's Parliament Approves $568 Million Loan to Fund 2024/2025 Budget Amid Heated Debate
20:31 30.05.2025 (Updated: 21:04 30.05.2025)
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Uganda's Parliament Approves $568 Million Loan to Fund 2024/2025 Budget Amid Heated Debate
The loans, approved by the parliament, are from:
▫Afreximbank ($306.5 million);
▫Ecobank Uganda and Development Bank of Southern Africa ($261 million).
If Uganda doesn't approve the loan, it is going to default, Finance Minister Matia Kasaija (photo 1, right) noted during the parliamentary debate.
"We have a number of pending invoices. The contractor is on the road. He has to be paid, and we do not want to carry it to the next financial year when the opportunity is available," the minister added.
Opposition MPs raised concerns over the timing, transparency, and legal compliance of the government’s request to borrow the sum, citing fund absorption, hidden fees, and potential misuse for recurrent expenses.
As of June 2024, Uganda’s public debt stock stood at $25.55 billion.
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