AfDB

The African Development Bank (AfDB) has hailed Uganda for being one of the few countries in Africa that have managed its external debt which has not gone beyond the recommended threshold.

According to a State House statement issued on Sunday, Akinwumi Adesina, president of AfDB said this while meeting Ugandan President Yoweri Museveni on Friday. Uganda’s ministry of finance last month said over the next four financial years, it is going to concentrate on debt management and economic recovery.

The ratio of Uganda’s nominal debt to gross domestic product (GDP) in December 2020 stood at 47.2 percent, up from 38.0 percent from a year earlier.

Experts say if a country’s ratio is above 50 percent, then it faces debt distress. The president of AfDB said the bank has a proposal to help African countries reduce their foreign debt by availing them with much cheaper loans so as to pay off their foreign lenders and pay back those cheap loans to the bank in a phased way.

President Museveni welcomed the AfDB’s proposal, noting that Uganda was ready to work with the bank toward that direction.

Disclaimer: News Ghana is not responsible for the reportage or opinions of contributors published on the website.

Send your news stories to [email protected] and via WhatsApp on +1-508-812-0505 

Previous article13 deaths reported after volcanic eruption in DRC
Next articleMTN’s 3rd AGM Goes Virtual On May 25
Xinhua News Agency, Xinhuanet is an important central news service-oriented website, an important information organ of the central government, and an important platform for building up China's online international communication capacity. Established on November 7, 1997, as an online news provider of the Xinhua News Agency, it was officially named Xinhuanet on March 10, 2000 and began around-the-clock news release with leading online public opinion at home and setting a good image of China abroad as its main task.

LEAVE A REPLY

Please enter your comment!
Please enter your name here