Uganda, May 25 -- Cipla Quality Chemical has said it has substantially reduced its long term debt due to the government of Zambia to just Shs5.4b.

In details contained in the company's financial results, Cipla indicated it had significantly reversed impairment allowances on trade receivables due to another part recovery of the Shs43b ($12m) that had remained outstanding on its books for years.

Cipla has been receiving traches of payments from the government of Zambia since 2022 with the latest being Shs14.7b, which the company said now brings the outstanding debt to just Shs5.4b.

Last year, Cipla indicated it had received Shs23b from the government of Zambia towards payment of the long term debt, which had put the company in a complica...