Govt used Shs1.4 trillion to pay interest on external debt in 2021 - World Bank
Uganda, Dec. 8 -- Uganda spent $380m (Shs1.4 trillion) on interest payment for its external debt during 2021, according to World Bank.
The Shs1.4 trillion, World Bank noted, was an increase of $114m (Shs420.8b) from the $266m Shs981.8b) spent in 2020.
The expenditure, according to the World Bank, is part of the debt-service payments that continues to put the biggest squeeze on a number of African countries.
Uganda spends the largest chunk of locally mobilised revenues on debt repayment, leaving so little for the country to pursue development expenditure.
This has as a result created a cycle of borrowing extending into expensive loans.
Therefore, the World Bank noted, poor countries such as Uganda spend more than a tenth of their expo...
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