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UDN WEEKLY NEWSLETTER 433th EDITION 2024
According to the recently released Debt Sustainability Analysis (DSA) report for Financial Year (FY) 2022/2023 by the Ministry of Finance Planning and Economic Development (MOFPED), it is projected that Uganda’s public debt stock will remain sustainable over the medium to long term. As share of GDP, public debt reduced to 46.9% in June 2023 from 48.4% in June 2022. This will mainly be supported by continuous improvement in the growth of the Gross Domestic Product (GDP), onset of oil production and realization of its associated revenues alongside strong revenue growth following the implementation of the Domestic Revenue Mobilization Strategy, and a reduction in borrowing as some major infrastructure projects come to completion in the long-term.
The analysis indicates that Uganda’s public debt stock increased from USD 20.99 billion (UGX 78,833.4 billion) in FY2021/22 to USD 23.66 billion (UGX 86,779.87 billion) in FY2022/23 with external public debt increasing from USD 12.82 billion (UGX 48,171.8 billion) to USD 14.23 billion (UGX 52,206.07) between June 2022 and June 2023, and domestic public debt increasing from USD 8.16 billion (UGX 30,661.6 billion) to USD 9.43 billion (UGX 34,573.80 billion) over the same period.
