{"id":70797,"date":"2024-04-10T15:54:14","date_gmt":"2024-04-10T15:54:14","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=70797"},"modified":"2024-04-10T15:20:45","modified_gmt":"2024-04-10T15:20:45","slug":"ugandas-forex-reserves-drop-12-due-to-debt-payments","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments","title":{"rendered":"Uganda’s forex reserves drop 12% due to debt payments"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Uganda’s foreign exchange reserves fell by about 12% between June 2023 and January this year because of external debt payments and the central bank’s inability to buy foreign currency due to a slide in the Ugandan shilling.<\/b><\/p>\n

Reserves dropped from $4.07 billion in June to about $3.58 billion at the end of January, reaching 3.4 months of import cover excluding oil project-related imports, the central bank said on Tuesday in its State of the Economy report.<\/p>\n

The Bank of Uganda targets foreign exchange cover of 4 months of imports, excluding oil projects, an International Monetary Fund staff report published in March said.<\/p>\n

Uganda’s rising public debt, more than half of which is external, has been eating up a growing share of revenues and hitting other spending priorities like education and health.<\/p>\n

Total public debt stood at $24.7 billion, 60% of which was external, at the end of 2023, finance ministry figures show.<\/p>\n

The Bank of Uganda said foreign reserves could rise due to expected inflows from budget support loans, but that the outlook for the country’s balance of payments was fragile.<\/p>\n

“Delayed disbursement of expected budget support loans, higher-than-projected government expenditure on imports, and… tight global and domestic financial market conditions may disrupt the reserve build-up programme,” it said.<\/p>\n

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

Africa-Press – Uganda. Uganda’s foreign exchange reserves fell by about 12% between June 2023 and January this year because of external debt payments and the central bank’s inability to buy foreign currency due to a slide in the Ugandan shilling. Reserves dropped from $4.07 billion in June to about $3.58 billion at the end of […]<\/p>\n","protected":false},"author":84,"featured_media":70796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-70797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nUganda's forex reserves drop 12% due to debt payments - Uganda<\/title>\n<meta name=\"description\" content=\"Uganda's foreign exchange reserves fell by about 12% between June 2023 and January this year because of external debt ...\" \/>\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\/ugandas-forex-reserves-drop-12-due-to-debt-payments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uganda's forex reserves drop 12% due to debt payments\" \/>\n<meta property=\"og:description\" content=\"Uganda's foreign exchange reserves fell by about 12% between June 2023 and January this year because of external debt ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments\" \/>\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=\"2024-04-10T15:54:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/04\/sm_1712749452.045488.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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\/ugandas-forex-reserves-drop-12-due-to-debt-payments#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Uganda’s forex reserves drop 12% due to debt payments\",\"datePublished\":\"2024-04-10T15:54:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments\"},\"wordCount\":225,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/04\/sm_1712749452.045488.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-forex-reserves-drop-12-due-to-debt-payments\",\"name\":\"Uganda's forex reserves drop 12% due to debt payments - 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