Uganda’s increasing borrowing and national debt is a time bomb that, if not addressed urgently, will have devastating consequences for our future.
As I wrote in my earlier article regarding the reckless borrowing and rising national debt of Uganda, Parliament has once again been called out of recess to debate and approve over nine new loans.
We cannot continue to be slaves of Chinese lenders, nor can we submit ourselves to imperialist capitalists and international banks. Our insatiable appetite for borrowing will eventually leave our country in the hands of foreign lenders, diminishing our sovereignty and international standing.
Let us agree the money this government is borrowing today will be repaid by you, your children, and your grandchildren, with high interest.
It is unconvincing to tell any reasonable person that the government is borrowing huge sums during an election season and that such money will not be diverted into political campaigns or other political activities.
As I explained earlier, Uganda spends more money on politics and political representation than any other country in the East African Community. The majority of the funds being borrowed during this election period will be channeled, directly or indirectly, into political work.
Uganda currently has the largest Parliament in East Africa, with over 529 Members of Parliament a heavy burden on taxpayers. We continue to spend billions of taxpayers’ money on political activities instead of service delivery.
We must stop the waste of public funds and learn to live within our means. Only then can we prevent this reckless borrowing and begin to grow our economy sustainably.
Let us not forget Ugandan taxpayers are the collateral guarantee for these loans. If we default on payments, taxes will have to increase to service the debt, and some of our natural resources may be taken over by foreign lenders.
We must, therefore, learn to live within our means and address the issue of our national debt, regardless of political affiliation.
Let us spend taxpayers’ money wisely and avoid the burden of debt, which is truly a time bomb.
This week, Parliament will again approve more loans adding yet another burden to Uganda’s taxpayers. And, as usual, the largest portion of this money will go into political activities rather than service delivery.
Let us all agree the burden of this debt will fall upon you and your great-grandchildren.
