By our reporter
Government has revealed that Uganda’s public debt now stands at Shs41 trillion.
In a statement read by Finance State Minister (Planning), David Bahati to parliament, government also said the debt stock has piled from US$2.5 billion in the 2006/2007 financial year to US$10.7 billion by the end of the last financial year.
Bahati blamed the rising debt on the near stagnant tax collection.
“As at the end of June 2018, the total debt amounted to US$10 billion, with external debt accounting for 67 per cent,” said Bahati.
“Our tax base is not growing at the same rate,” he added
The public debt as a percentage of the entire economy is 30 per cent, a figure the Opposition is reluctant to believe.
Bahati said the debt finances the Energy, Works and Agriculture sectors, which are critical in spurring economic growth.