By Otai James
Parliament has approved two loans worth Shs1.235Trillion including; US$295 Million (Shs1.121Trn) from the Islamic Development Bank and US$30 Million from the OPEC Fund for International Development.
The borrowed funds will be used for upgrading of national roads and a pre-finance loan for the the reconstruction of Masaka-Mutukula Road (89.5Km) & rehabilitation of Nyendo-Villa Maria Road (11Km) additional scope of 28.5Km for Kikagati-Kafunjo Road etc at Shs692.680Bn.
The Parliament of Uganda was marking the 22nd Sitting of the 1st Meeting of the 3rd Session of the 11th Parliament. This Sitting was chaired by the Speaker Rt. Hon. Anitah Among.
According to the recently passed budget committee report for the financial year 2023/24, Uganda’s total public debt stands at a staggering Shs 80.7 trillion. Of this amount, Shs 47.7 trillion constitutes external debt, while Shs 30 trillion is domestic debt.