By Mike Sebalu
The government of Uganda is set to discuss its loan portfolio during a global meeting for Finance Ministers and Central Bank Governors at the Commonwealth finance ministers meeting that kicks off today in Washington DC.
Facilitated by both the World Bank and International Monetary Fund (IMF), the delegates will discuss vital strategies to address emerging economic issues, including tackling inflation, a fiscal framework for resilient and sustainable development, and a debt burden in the Commonwealth with a focus on small and vulnerable states including Uganda.
According to Ramathan Ggoobi, the Permanent Secretary at the Ministry of Finance, Planning and Economic Development, the World Bank being the biggest concessional creditor in the world, this meeting will be a perfect platform for discussing Uganda’s current loan portfolio.
He adds that they will also discuss with the IMF the impact of the ongoing shocks created by the rising inflation globally and the subsequent increase in interest rates on how they affect the global financing system and chat a way forward.
For the last two years, several such meetings have been organized virtually due to Covid-19 restrictions across the globe and Uganda has been taking part.