Government to borrow more $1.89b

Uganda says it planned to borrow 1.89 billion dollars (6.9 trillion shillings) from external lenders in the 2020/2021 (July-June) fiscal year to partly finance its budget.

This could come under pressure as veteran leader Yoweri Museveni seeks re-election.

A finance ministry budget paper on Monday showed that the funds would be in the “form of concessional and non-concessional” credit.

The paper did not indicate how much was borrowed in the previous financial year.

It also did not indicate from whom the money would be borrowed, but in recent years China has become one of Uganda’s top external lenders.

Museveni, in power since 1986, is widely expected to seek re-election early in 2021.

He is expected to face a formidable challenge from pop star-turned-lawmaker Bobi Wine, whose…

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