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UDN WEEKLY NEWSLETTER 443th EDITION 2024

UGANDAS ECONOMIC OUTLOOK 2024

In the June 2024 quarterly statistical bulletin, the total public debt increased by USD 1.9 billion, rising from USD 23.7 billion in June 2023 to USD 25.6 billion by the end of June 2024.Despite the increase in both external and domestic debt, the growth in domestic debt was more significant from USD 9.4 billion (37%) to USD 11.0 billion (43%). The higher rise in domestic debt was mainly due to an upward adjustment in net domestic borrowing to meet additional budget financing needs due to a reduction in revenue collections widening the fiscal deficit. Although Uganda’s share of debt to GDP stands at 46.7 % below the threshold, weighted average interest stands at 7.5% up from 5.4% in 2019. For more information, Download the document.