Uganda rallies regional states to rethink expensive ECA debt

(Daily Monitor, Kampala, 24 February 2020) Maris Wanyera, the Ministry of Finance acting director for debt and cash policy management, said on Friday the conference, to be attended by delegates from 16 countries, under the theme “sustainable public debt management and a strengthened economic growth” is long overdue in light of the ongoing borrowing frenzy by African countries to finance their development agenda. Some of the conditions, she says, are high insurance premiums tied to especially loans by export credit agencies, tying of loans to particular suppliers usually from the source countries which constrain local capacity, and in others waiving sovereign immunity over all assets of the borrowing states.

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