Anti-corruption advocates have asked government to stop acquiring non-concessional loans which attract high-interest rates on repayment.
According to the program manager at the Uganda Debt Network, Christine Byiringiro, government should instead resort to taking up concessional loans which attract fixed interest rates on loan repayment, adding that this will reduce the burden to pay the national debt which currently stands at Shd80 trillion.
she says if government continues to ignore taking up such measures, it will take time to clear the country’s public debt burden.
she says currently, Uganda loses about Shs10 trillion to corruption annually. It is said that less than 1% of the money lost is recovered, a trend which is bound to continue affecting the country to clear the debt.
She made the remarks during a joint press conference of anti-corruption organisations including; Uganda Debt Work , the Anti-corruption Coalition, Transparency International, among others.