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WEEKLY NEWSLETTER
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Uganda
Index
![[JPEG]](/images/frd/cs/jpeg.gif)
Central Bank building in Kampala
Courtesy Nelson Kasfir
Uganda's years of political turmoil left the country
with
substantial loan repayments, a weak currency, and soaring
inflation. During the 1970s and early 1980s, numerous
foreign
loans were for nonproductive uses, especially military
purchases.
Even after the Museveni regime seized power, debts climbed
while
the productive capacity of the country deteriorated. To
resolve
these problems, the government tapped both external
creditors and
domestic sources, crowding out private-sector borrowers.
The
Museveni government then attempted to reduce the
percentage of
government borrowing from domestic sources and to
reschedule
payments of foreign loans. The government also implemented
successive devaluations of the shilling in order to
stabilize the
economy.
Data as of December 1990
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![[JPEG]](/images/frd/cs/uganda/ug03_09a.jpg)
