Uganda urged to set up debt management committee
The African Forum on Debt management says developing economies should apply caution and technical guidance on taking loans, seen to drag the continent into economic Colonialism.
This follows global financial reports putting Sub Saharan Africa at risk of debt distress, with 57% of its GDP in Public debt, according to International Monetary Fund.
AFRODAD’s Policy analyst for Debt management Tirivangani Mutazu, says the Chatter already adopted by many Countries seeks to ensure accountability, adequate debt legal frameworks, and technical guidance.
Meanwhile, local civil society actors call for the establishment of a Public Debt Committee to help address the country’s worrying debt.
Uganda Debt Network’s Programs Manager Imelda Namagga tells reporters that through the committee of experts and public finance stakeholders , accountability and caution may be realized before a loan is approved .