Uganda’s External Debt Dominated by US Dollar as Total Debt Rises

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Uganda’s external debt continues to be dominated by the US dollar, accounting for 48.42% of the total debt, which is approximately $6.68 billion, according to the Ministry of Finance’s annual debt statistical bulletin and public debt portfolio analysis for June 2023. The country’s public debt has risen, with total public stock increasing by 10% ($2.25 billion) from June 2022 to June 2023. Domestic debt also increased during this period.

The euro is the second dominant currency in Uganda’s external debt, making up 32.88% (approximately €4.53 billion), a rise attributed to increased disbursements during the fiscal year 2022-23. The Japanese yen constitutes 5.51% (about ¥0.76 billion), while the Chinese yuan Renminbi makes up 5.39% (around ¥0.74 billion). Other currencies collectively account for 7.8% (approximately $1.08 billion) of Uganda’s external debt.

The Ministry of Finance emphasizes its commitment to transparency in debt management and providing up-to-date information on national debt. Reliable debt statistics are crucial for informed decision-making by governments, investors, international financial institutions, and the public. Uganda’s adherence to international best practices is demonstrated through the regular production of debt statistical bulletins.

The debt statistical bulletin serves as a valuable tool for fostering a deeper understanding of Uganda’s national debt landscape.

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