EAC budgets signal new wave of huge borrowing
East Africa’s finance ministers presented expansionary budgets with ambitious revenue targets that are likely to be missed. This could lead to more borrowing amid rising concerns over looming debt distress. In Uganda, Matia Kasaija presented a Shs40.5 trillion ($10.7b) budget, a 21 per cent rise from the Shs32.7 trillion ($8.7b) to fund increased spending on […]