Borrowing Will Not Worsen Uganda's Debt Burden - World Bank

Additional borrowing will not worsen Uganda's external debt burden though it is getting debt relief, the World Bank Country Programme manager, Robert Blake, has said reports John Odyek. Blake on Thursday told journalists at the end of a three day second national Structural Adjustment Participatory Review Initiative forum, that the loans Uganda was taking from the World Bank were discussed and found worth borrowing. He said the loans bear small amounts of interest. "The borrowing is concessional and fits in what the government can manage," Blake said. Uganda's external debt stock was last June estimated at US$ 3.68b by the ministry of finance. Blake said many of Uganda's economic policies were correct but were marred by implementation problems. He cited privatisation and said it had been hit by corruption. He said there was need to move away from the old agenda, which emphasised more money for programmes, such as health, and education. He said the new agenda emphasises the impact of money spent. The forum, held in Kampala, was organised by Uganda National NGO Forum and was intended to review the effects of the International Monetary Fund and World Bank's structural adjustment programmes on Uganda. Ends