Uganda, April 25 -- The International Monetary Fund has expressed worries that the cost of borrowing, both domestically and externally, has increased and continues to be elevated for many African countries including Uganda.

IMF advises the affected countries that adapting to these challenges requires a resolute package of strong domestic reforms and external support.

In its Regional Economic Outlook for Sub-Saharan April Edition with the theme, A Tepid and Pricey Recovery, the IMF says in 2023, government interest payments took up 12 per cent of its revenues (excluding grants) for the median sub-Saharan African country, more than double from a decade ago. At the same time, the IMF said the private sector has also started to feel the pin...