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 .