{"id":7224,"date":"2022-11-10T06:49:04","date_gmt":"2022-11-10T06:49:04","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=7224"},"modified":"2022-11-10T06:49:09","modified_gmt":"2022-11-10T06:49:09","slug":"central-bank-raises-red-flag-as-ugandas-debt-crosses-80-trillion-mark","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/central-bank-raises-red-flag-as-ugandas-debt-crosses-80-trillion-mark\/","title":{"rendered":"<strong>Central Bank Raises Red Flag as Uganda\u2019s Debt crosses 80 Trillion Mark<\/strong>"},"content":{"rendered":"\n<p>Top Bank of Uganda management has warned government against looming debt distress as the public debt crosses the 80 trillion shilling mark and the 50 percent threshold of GDP.<\/p>\n\n\n\n<p>The Deputy Governor Machael Atingi-Ego has spelt it out to Parliament\u2019s Finance Committee that  servicing the foreign component of the of the debt now at 59 percent of the debt (47 trillion) is already dangerously eroding the foreign reserves, which have dropped from $4.54 billion at the end of April 2022 to $3.65 billion at the end of October. He warned that any further borrowing will cripple the government\u2019s capacity to continue serving the foreign debt.<\/p>\n\n\n\n<p>Besides debt servicing, the Central Bank will no longer be able to stabilize the shilling by intervening in the foreign exchange market which it does by selling or buying forex in the market.<\/p>\n\n\n\n<p>The governor further warns that&nbsp;the debt service\/export ratio is also projected to increase beyond the 20 percent threshold between FY 2021-22 to FY2025-26.<\/p>\n\n\n\n<p>Atingi-Ego says that in FY 2022-23, the government imports plus foreign debt servicing require about $1.8 billion, owing partly to the to the maturity of non-concessional loans.<\/p>\n\n\n\n<p>The Central Bank has thus strongly advised the government to suspend non-concessional external borrowing that has debt servicing obligations that would commence in less than five years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top Bank of Uganda management has warned government against looming debt distress as the public debt crosses the 80 trillion<\/p>\n","protected":false},"author":1,"featured_media":7225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[90,65],"tags":[],"class_list":["post-7224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/11\/Michael-Atingi-Ego1.jpg","jetpack-related-posts":[{"id":12194,"url":"https:\/\/prowebinhost.com\/anzu\/why-uganda-needs-to-urgently-invest-sh1-trillion-in-e-mobility\/","url_meta":{"origin":7224,"position":0},"title":"Why Uganda needs to urgently invest sh1 trillion in e-mobility","author":"JOACHIM BUWEMBO","date":"June 17, 2024","format":false,"excerpt":"By Joachim Buwembo While some countries successfully transitioned from poverty to prosperity in three decades (we have sung our voices hoarse in praise of Singapore, South Korea...), Uganda remains among those that are yet to attain a significant wealth status six decades after independence, despite being enormously endowed with resources.\u2026","rel":"","context":"In &quot;Automotive industry&quot;","block_context":{"text":"Automotive industry","link":"https:\/\/prowebinhost.com\/anzu\/category\/automotive-industry\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/km-2.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/km-2.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/km-2.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/km-2.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/km-2.jpg 3x"},"classes":[]},{"id":17027,"url":"https:\/\/prowebinhost.com\/anzu\/government-introduces-key-new-amendments-to-the-controversial-sovereignity-bill-following-public-outcry-and-strong-objection-from-bou\/","url_meta":{"origin":7224,"position":1},"title":"Government Introduces Key New Amendments To The Controversial Sovereignity Bill Following Public Outcry And Strong Objection From BoU","author":"UgandaUpdate","date":"April 30, 2026","format":false,"excerpt":"In a quick turn-around after public backlash and strong objection from the Bank of Uganda Governor , Michael Atingi-Ego, government through the Attorney General has now introduced major amendments to the controversial Sovereignity Bill exempting key stateholders and narrowing down on the broad proposed clauses with in the new law.\u2026","rel":"","context":"In &quot;National News&quot;","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1336,"url":"https:\/\/prowebinhost.com\/anzu\/uganda-government-accounting-officers-set-for-a-showdown-to-save-their-budgets-from-severe-cuts-due-to-the-covid-19-pandemic\/","url_meta":{"origin":7224,"position":2},"title":"UGANDA GOVERNMENT ACCOUNTING OFFICERS SET FOR A SHOWDOWN TO  SAVE THEIR BUDGETS FROM SEVERE CUTS DUE TO THE COVID 19 PANDEMIC","author":"UgandaUpdate","date":"June 13, 2020","format":false,"excerpt":"BY OUR SENIOR CORRESPONDENTS The stage is set for a \u00a0public service showdown next week as all government accounting officers will convene to debate and agree on a\u00a0 way forward following far-reaching budgetary cuts proposed by the Covid-19 Task force on Food Security under the coordination of Operation wealth Creation\u2026","rel":"","context":"In &quot;Business&quot;","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10137,"url":"https:\/\/prowebinhost.com\/anzu\/over-1200-war-debt-claimants-listed-for-payment-in-soroti\/","url_meta":{"origin":7224,"position":3},"title":"Over 1,200 war debt claimants listed for payment in Soroti","author":"UgandaUpdate","date":"October 11, 2023","format":false,"excerpt":"By Our Reporters in Soroti The Ministry of Justice and Constitutional Affairs has released a list of verified war debt claimants for public viewing at the sub-county level in Soroti district. This list, reflecting the actual liabilities as of the end of the last financial year, comprises 1,216 verified claimants\u2026","rel":"","context":"In &quot;War Claimants: Government compensation&quot;","block_context":{"text":"War Claimants: Government compensation","link":"https:\/\/prowebinhost.com\/anzu\/category\/war-claimants-government-compensation\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/10\/Omongole-teso.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/10\/Omongole-teso.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/10\/Omongole-teso.jpg 1.5x"},"classes":[]},{"id":14259,"url":"https:\/\/prowebinhost.com\/anzu\/uganda-airlines-is-facilitating-exports-and-tourism-growth-says-psst-ggoobi\/","url_meta":{"origin":7224,"position":4},"title":"Uganda Airlines Is Facilitating Exports And Tourism Growth, Says PSST Ggoobi","author":"UgandaUpdate","date":"April 16, 2025","format":false,"excerpt":"The revival of Uganda Airlines was intended to facilitate the growth of Uganda's tourism sector by creating a direct connection between Uganda and its key tourist source markets, create a faster route for horticulture exports and integrate Uganda better into global value chains, Ramathan Ggoobi, the Permanent Secretary and Secretary\u2026","rel":"","context":"In &quot;National News&quot;","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/04\/ggoob.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/04\/ggoob.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/04\/ggoob.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/04\/ggoob.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/04\/ggoob.jpg 3x"},"classes":[]},{"id":11066,"url":"https:\/\/prowebinhost.com\/anzu\/uganda-now-topples-kenya-tanzania-in-race-for-investments\/","url_meta":{"origin":7224,"position":5},"title":"Uganda Now Topples Kenya, Tanzania In Race For Investments","author":"UgandaUpdate","date":"December 28, 2023","format":false,"excerpt":"By Our Reporters \u00b7\u00a0 \u00a0Uganda got the largest share with $10.2 billion in FDI , created 6,300 jobs \u00b7\u00a0 \u00a0Kenya remained by far the largest destination in East Africa when measured by numberof projects\u00a0 Uganda has beaten\u00a0 neighbor Kenya and Tanzania by receiving \u00a0the highest amount of Foreign Direct Investments\u2026","rel":"","context":"In &quot;EAC Regional News&quot;","block_context":{"text":"EAC Regional News","link":"https:\/\/prowebinhost.com\/anzu\/category\/eac-regional-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/30fbb49b49a5d605.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/30fbb49b49a5d605.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/30fbb49b49a5d605.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/30fbb49b49a5d605.webp 2x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/pc0aOV-1Sw","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/7224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/comments?post=7224"}],"version-history":[{"count":1,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/7224\/revisions"}],"predecessor-version":[{"id":7226,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/7224\/revisions\/7226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media\/7225"}],"wp:attachment":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media?parent=7224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/categories?post=7224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/tags?post=7224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}