No more loan approvals to reduce debts- museveni

By Our Reporter

15^th June 2023

President Yoweri Museveni says he is opposed to the number of loans being acquired from domestic and external lenders.

Speaking at the conclusion of the budget speech for 2023/2024, President Museveni blamed the appetite for borrowing on indiscipline in government spending.

He said some of the loans were actually not necessary.

Museveni addressed Parliament virtually from Statehouse Nakasero where he has been in self-isolation after he got a COVID-19 infection.

He began his address by asking the Minister of Finance to crosscheck some of the figures on the performance of the economy.

He then confirmed to Ugandans that he was not under intensive care as rumored on social media.

Turning to the issue of public debt, Museveni revealed that he has personally taken over the role of final approval for external loans.

The President is technically in charge of the finance docket though he delegates it to the Finance Minister and his state ministers.

About 17 percent of the 52 trillion budgets will go to debt servicing.

By the end of the year 2022, the country’s indebtedness was 80.2 trillion shillings, according to the Ministry of Finance, Planning and Economic Development, but the Speaker of Parliament Anita Among says the record they have is 80.8 trillion.

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