[Ugnet] Fwd: Here is where Mu7's vision has gotten us

Tue, 28 Dec 2004 16:14:35 -0800



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Debt burden hits $3b

By David Muwanga

UGANDA'S debt is $3.68b (sh6.3 trillion) despite efforts to defray the foreign financial yoke.

�The debt burden has reduced funding, which would go to priority sectors like primary health care, education, water and sanitation, agricultural extension and development of rural roads to enable farmers access markets,� Kajubi Makajanga, the programme coordinator at Panos Eastern Africa, said. Panos Eastern Africa is a media agency.

Makajanga said in 1997, Uganda spent $3 per person on health compared to $9 per person on debt service annually.

�Uganda, like other highly-indebted poor countries cannot survive without grants and loans, but is the money helping Uganda to develop or not? Sometimes, such funds are misappropriated,� he said.

Makajanga was presenting a paper, �Debt and Poverty: How Borrowing Finances Development or Otherwise,� at a media workshop at Colline Hotel, in Mukono, recently.

�The essence of a loan is lost if the funds are repatriated to creditor countries through exorbitant consultancy and expatriate fees and hiring of incompetent contractors and unfavorable infrastructure,� he said.

Makajanga urged the media to monitor the new borrowing policy of contracting loans, which have a grant of more than 78%.

Published on: Tuesday, 28th December, 2004

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