By the end of June 2023, Uganda had a composition debt stock of UGX 86.7trillion which makes the country go to an average of being blacklisted for the failure to repay the debt.
This issue has made very many Ugandans suffer the high expenses as they are buying some of the products of which their prices are being increased due to increased taxes imposed on those products in order to get money to
repay the debt.A number of Ugandans are saying that this money counted in debt is always used by some people for their personal good and development, not developing the country which is making low income earners and taxpayers suffer because of some individuals that are greedy and they only aim at self satisfaction.
advertisment
Some of the citizens and the members of parliament blame the Minister ofFinance for failure to lay a public debt management framework, which they say is a requirement under the Public Finance Management Act.The citizens said that they need to understand how the minister of finance will
manage the public debt. The law demands that the minister lays this framework immediately after laying the Charter of Fiscal Responsibility.
The Minister of Finance was called up on to furnish Parliament with the details of lenders, to enable lawmakers make informed recommendations and if this is not done in time the country will be in a state where it will suffer a loss because of lack of planning.
advertisment
The Deputy speaker of the parliament of Uganda Hon. Thomas Tayebwa directed the committee of the National Economy to make an assessment on this public debt and report back to the parliament. Mr Thomas gave this
directive on 30th Jan 2024 during the debate on the National Budget framework paper financial year 2024/2025. The national economy committee is to make an assessment in a period of one month.
