{"id":59929,"date":"2023-11-14T06:22:31","date_gmt":"2023-11-14T06:22:31","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=59929"},"modified":"2023-11-14T06:13:51","modified_gmt":"2023-11-14T06:13:51","slug":"high-debt-levels-creating-funding-challenges-across-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa","title":{"rendered":"High debt levels creating funding challenges across Africa"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Sub Saharan Africa is expected to continue struggling with a funding squeeze due to rising debt levels, according to the International Monetary Fund (IMF).<\/b><\/p>\n

In its Regional Economic Outlook, the IMF noted that the funding squeeze is far from over, worsened by high external borrowing costs, indicating that African governments must now rely more on domestic resources for development.<\/p>\n

However, IMF said that this creates a new challenge given that many African countries have very low ratios of tax revenue to gross domestic product.<\/p>\n

Mr Abebe Aemro Selassie, the IMF director African department, said that whereas governments in many African countries have been addressing macroeconomic imbalances to stabilise public debt, \u201cit is too early to celebrate as many challenges lie ahead\u201d.<\/p>\n

\u201cThe funding squeeze is not over, and while debt levels have stabilised, the cost of repayments has increased and high debt service ratios to revenue risk crowding out vital development spending,\u201d he said.<\/p>\n

The IMF report noted that while median revenues (excluding grants) are projected to remain steady at 17 percent of gross domestic product, they are significantly below 40 percent in advanced markets, which suggests need for stronger efforts to increase revenues, including by expanding the tax base through reduced tax expenditures and improved tax design.<\/p>\n

Debt remains a challenge in many African economies. In Uganda estimates from Ministry of Finance indicate that the stock of debt rose from Shs78.8 trillion ($21b) in June 2022 to Shs86.7 trillion ($23.6b) as of June 2023.<\/p>\n

The growth in debt has created service repayment challenges with debt servicing now taking up at least 23 percent of tax revenues.<\/p>\n

The IMF further points out that Africa continues to rely on value added taxes, supported by increased formalisation of the continent\u2019s economies.<\/p>\n

However, the IMF noted that a critical precondition for tax policy reforms needs to be considered to support effective tax administration, especially in areas where there is increased use of digitalisation to improve efficiency in collection.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Sub Saharan Africa is expected to continue struggling with a funding squeeze due to rising debt levels, according to the International Monetary Fund (IMF). In its Regional Economic Outlook, the IMF noted that the funding squeeze is far from over, worsened by high external borrowing costs, indicating that African governments must now […]<\/p>\n","protected":false},"author":84,"featured_media":59928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,258],"tags":[233,240,234],"class_list":["post-59929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nHigh debt levels creating funding challenges across Africa - Uganda<\/title>\n<meta name=\"description\" content=\"Sub Saharan Africa is expected to continue struggling with a funding squeeze due to rising debt levels, according to ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High debt levels creating funding challenges across Africa\" \/>\n<meta property=\"og:description\" content=\"Sub Saharan Africa is expected to continue struggling with a funding squeeze due to rising debt levels, according to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-14T06:22:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/11\/sm_1699929720.30069.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"935\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"High debt levels creating funding challenges across Africa\",\"datePublished\":\"2023-11-14T06:22:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa\"},\"wordCount\":341,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/11\/sm_1699929720.30069.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/high-debt-levels-creating-funding-challenges-across-africa\",\"name\":\"High debt levels creating funding challenges across Africa - 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