Parliament has today approved two more loans worth Sh1.1235tn.
The $295 (about Sh1.121tn) is from the Islamic Development Bank while the $30m is from OPEC Fund for International Development.
The funds will be utilized to upgrade various national roads and 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, among others which will cost Sh692.680b.
These two loans approved today now brings the total amount of public debt procured by Parliament within a week to Sh6.868tn!
Just a few weeks back, the top management of Bank of Uganda informed Parliament that as at August 2023, Uganda’s provisional public debt stock stood at Sh88.807tn and advised government to tame ‘its huge borrowing appetite’.
