Uganda said it plans to borrow 6.9 trillion shillings ($1.89 billion) from external lenders in the 2020/2021 (July-June) fiscal year to partly finance its budget, which could come under pressure as veteran leader Yoweri Museveni seeks re-election. A finance ministry budget paper seen by Reuters on Monday showed the funds will be in “form of concessional and non-concessional” credit. He is expected to face a formidable challenge from pop star-turned-lawmaker Bobi Wine, whose real name is Robert Kyagulanyi. Some opposition critics have also accused the government of front-loading debt before an expected windfall from oil sales. The shortfall was caused by delays in implementing some planned tax-generating measures, according to the finance ministry.

Source: Nigerian Tribune December 30, 2019 14:03 UTC