Nairobi, Feb. 24 -- The Uganda government is struggling to raise money to finance its budget amid high loan rejection rates by commercial banks and offshore investors keeping away from the bond market.

The government had hoped that listing its securities on the FTSE Frontier Emerging Markets Index in June 2023 would open up taps for the flow of foreign currency.

Authorities had also hoped the listing would cut high government bond holdings by commercial banks preferring to lend to the government.

While the listing has been on the index for the past eight months and has made the government securities visible, Dickson Ssembuya, director for Research and Market Development at Uganda's Capital Markets Authority (CMA) told The EastAfrican t...