Parliament approves borrowing of up to UGX 5.4 trillion to finance 2020/21 budget deficit

According to The Independent, Parliament adopted the report of its National Economy Committee and approved borrowing of up to 5.4 trillion shillings to cover the 2020/2021 budget deficit, below the 6.2 trillion shillings the government had sought. The committee recommended 3.25 trillion shillings in domestic borrowing and USD 600 million from the IMF, arguing that heavier domestic borrowing would slow private sector credit growth.