Opinion: 2 Trillion shillings is suddenly needed to cover the deficit

A letter dated to the 7th November 2022 by the Minister of Finance, Planning and Economic Development, Matia Kasaija was leaked titled “Request for Proposal to Finance the Government of Uganda Budget for the FY 2022/23”. In that letter, the Minister is specifying the needs to borrow €500 million euros. When you convert this to Ugandan Shillings it ends up being 1,957,704,000,000 or about UGX 2 Trillion Shillings. That’s a lot of money that the Government and the MoFPED needs to borrow.

This is the definition of deficit financing. The cycle of bad loans in combination of lacking domestic revenue. The only way to be able to cough up funds for the short-fall in the short-term is to add additional loans. So, the cycle continues, the state take one loan after another. Loans upon loans to cover for the old loans. While also borrowing more money to be able pay expenditure and government expenses.

That’s why the idea that the MoFPED is asking for this now isn’t surreal. It is the bleak reality and the misfortune of a bloated government. The government has to many entities, to many representatives and a local government structure, which is too expensive. Expensive in the sense, that the government cannot foot the bills and don’t have the revenue to carry the expenses. That is living lavish and someone else is picking up the tab.

We already know the state is running out of loss, when the budget was forecasted with a huge leap of faith that grants and such would cover about 40% of the budget. That is telling and it’s really showing the lack of it when the state this early in the Financial Year needs another 2 trillion shillings loans to cover it’s expenses.

The MoFPED wouldn’t call for this loan and at these levels… if they didn’t know there was a short-fall or a lack funds. There is deficit and that’s not shocking. It is just worrying that it’s happening at this extent and is so normalized. While we are seeing the 11th Parliament is following where the 10th Parliament left off. Accepting loans after loans on development projects and other additional expenses, which only creates a huger debt-burden down the road. These roads or infrastructure projects has to be covered and they are not money generating enterprises. Therefore, the cost of doing it will be ten-fold in the long run. Especially, when you don’t have money for the upkeep or the ones doing the day-to-day works on it.

That’s why you know the latest revelation of this loan is just concerning. It is not a winning bargain, but a proof of mismanaged and lacking progress. When the state cannot sustain itself or be able to get a tax-base to cover these expenses. That’s because the state is wasting funds on paying for old debts and interests, which are far over the grace-period. Peace.

Bank of Uganda (BoU): Government has not failed to pay Bank of Uganda (20.09.2022)

The Government own 11 trillion shillings to the Bank of Uganda [and out of that 3 trillion shillings in advances from the last financial year!]

The National Resistance Movement (NRM) are ruining the economy. They have a deficit financing that is revealing to deplete all funds and all sources of revenue. That’s why in the Leader of Opposition statement published on the 13th September 2022. The Leader of Opposition Mathias Mpuuga MP in his statement is showing a staggering issue of fiscal nature.

The Government of Uganda (GoU) or the National Resistance Movement (NRM) are now owning 11 trillion shillings. Out of those 11 trillion shillings, there is 3,03 trillion shillings it got in outstanding advances in the Financial Year of 2021/2022. Because of this, the Government of Uganda lacks fiscal funds to repay their own National Bank, the Bank of Uganda. It has taken money from one post to cover other posts, in advance, but it has no plan of returning these advances.

The addition trouble with this is that the International Monetary Fund (IMF) has stopped releasing funds or loans to the Government of Uganda until these advances are paid. That is again hurting the funding of the Government and the operational funds of the state. Since the IMF will not cover the deficits or the lack of funds in the GoU. The GoU is running so low that it’s not able to repay their own advances, which it created from the BoU.

This just shows how dire things are… this is only talk of 3,03 trillion shillings. The GoU budgeted itself with a 25,78 trillion shillings in domestic revenue in the budget of FY 2022/23, but we can wonder if the GoU has any of funds to recover or to spend on the advances in question.

If you wonder what mismanagement and how destructive a debt-cycle is… it is becoming very eminent that the NRM and the GoU has stretched it out. They are not able to get or find sources for fresh funds. The state is not able to get enough domestic revenue to even cover the basics. That’s why they are even shortfall on 3 trillion shillings to the Bank of Uganda.

This should be depressing and be worrying, but it is just another day in the Republic. The Value of Money is gone. The money and funds are just missing. Loans for development projects, day-to-day activities are just gone in thin air and they have no plans to repay them. If the NRM and GoU does this to its own Bank. What is it doing to the Multi-National Banks and Monetary Instruments it loans from on the regular?

That should put shiver down your spine. This is a sign of a financial downturn, a sort of financial self-destruction and possibly re-structuring of old debt. Because, the state cannot even carry the advances it took out in FY 2021/22. Peace.

Opinion: Honourable Minister, 10.6 Billion shillings isn’t wired by an error…

Finance Minister Matia Kasaijja has admitted to irregularly paying out 10.6 billion shillings through a supplementary budget to six people as compensation for land that was taken over by the central government. However, the Minister told Members of Parliament that the then Lands Minister who is now the Inspector General of Government Beti Kamya did not have the powers to initiate the supplementary budget on behalf of the Uganda Land Commission” (NTV Uganda, 31.05.2022).

Finance Minister Matia Kasaija has admitted that the UGX 10.5 billion that was released to compensate land claimants was done in error” (NBS Television, 31.05.2022).

This is how not to run a government and wasting public funds. The Ministry of Finance, Planning and Economic Development (MoFPED) are in-charge of the budgets and financing of the state. That’s why there should the grown-ups and technocrats who ensure the safety of every single transaction, also that the designation of votes on spending is correct and finally properly financed by domestic revenue. However, asking for that… is too much to ask.

This is not a direct error or a mistake, but a calculated risk to pay-off either someone or somebody. Because, nobody gets billions of shillings on their account by a mistake. Unless, the Minister and the MoFPED are so inept and so scrupulous that it has done this. Now his just claiming an error…

That is troublesome affair. Elsewhere, this would make an inquiry, committee report and the Minister would be suspended. Since he cannot function, act within protocols or the due diligence before processing the transactions in question. Because, there should be safety-nets, vouching for the payments or transactions before they are going out. So, that more than one person is checking if the accounts, the people receiving is correct and within the means of Ministry or Government institution in question. However, that is clearly too much to ask.

Minister Kasaija has failed in his duties, the same has the Permanent Secretaries and anyone allowing the transactions to go. The receivers are not at fault. That is the MoFPED and the ones who allowed it. There was people signing it up on it and allowing it. Therefore, the losses and the expenditure happened.

This is 10 billion shillings spent wrongly and dubious transactions, which should be a warning sign of how not to operate. However, this is just the ice-berg of what is happening. Since, if they can do this with 10 billion shillings and they are in-charge of trillions upon trillions of shillings. That’s why people should be worried what else is happening behind closed doors.

The Minister shouldn’t just call it an error, but it is a systemic default. It is a system and protocols which isn’t mattering at this point. If due diligence or procedures was followed. This shouldn’t have occurred in the first place. However, they didn’t care and could get away with it….

That’s why this is just a reflection of how the MoFPED and the NRM values money. There is no value of money, but only reckless spending without no thought about tomorrow. Peace.

The Art of Deficit Financing: Budget 2022/23 and the worrying affects of the growing debt…

The proposed budget for FY2O22/23 hos increased to UGX 47.25 trillion from the approved budget of UGX 44.77 trillion in FY2O21/22. ln the proposed budget, recurrent expenditures amount to UGX 33.54 trillion (71%) while development expenditures amount to UGX 13.70 trillion (129%). Worryingly, the projected revenue collections of UGX 25.54 trillion cannot fund the country’s entire recurrent expenditures” (Opposition Response to the Annual Budget Estimates for FY 2022/23, 03.05.2022).

When you read the first numbers on the Budget for the Financial Year of 2022/23 you see a problem that has been a long lingering issue. The National Resistance Movement (NRM) and Government of Uganda (GoU) has done this for several of years now. The state has banked on loans and grants to cover the deficits. While the state is budgeting with a deficit financing method, which is far from covering fiscal funds by the lack of domestic revenue. That’s why the rising debt and the cycle of recycling debt isn’t making things better.

Just read this paragraph here:

It is critical to note that debt management costs hove risen from UGX 8.58 trillion in FY2017/18 and ore projected to be UGX 15.94 trillion in FY2022/23. This translates to on increment of 86%. The costs take first coll on the budget to cater for interest payments, commitment charges, debt management fees and amortisation. Therefore, from the onset 33% of the proposed budget will

not be available for service delivery. instead, it will be utilised for payment of partial debt commitments” (Opposition Response to the Annual Budget Estimates for FY 2022/23, 03.05.2022).

Just seeing this number, as you see the lack of domestic revenue to cover the budget of 47 trillion shillings, which is only at the level of 25 trillions. While the project debt management is put to about 16 trillions shillings. That means most of the domestic revenue would be used to pay old debt. Unless, the state plans to take out more loans and recycle debt to pay the old debt. That is just pushing the problem further down the line and get more interests as well. Therefore, the state finances isn’t tricky anymore, but a tragic phenomenon. These sorts of numbers are getting closer to default and a possible debt trap at one point. As the state needs more loans to cover current loans. That is not how to run a nation and neither how to run a fiscal responsible government.

The numbers becomes even more striking:
“The advance effect of this astronomical level of borrowing is felt through interest payments of over UGX 5.5 trillion in FY2O22/23 rising from UGX 2.4 trillion in FY2017/18. An increment of 130%. This is coupled by external debt repayments that ore projected at UGX 2.4 trillion in FY2022/23 rising from UGX 589 billion in FY2017/18. An increment of 307%. These toke first coll on the revenue collection and reduces funds available for service delivery” (Opposition Response to the Annual Budget Estimates for FY 2022/23, 03.05.2022).

We see the debt management and now we see the rising interest payments are also doing the same. The ones that has been crying wolf and worried for the rising debt portfolio is catching up with the government. The Ministry of Finance and Planning and Economic Development (MoFPED) has failed to comply with the mechanisms and the codes of Public Finance and Management Act. Clearly, the Government and the all the Ministries has to be following suit.

These sorts of numbers should strike fear of a debt default and a crashing economy. The art of deficit financing … is now becoming a growing issue. The state cannot hide from this and this should worry the citizens. As there is nothing given that the creditors will be merciful or give way. They might … be vengeful and take collateral over failure to repay the debt. Peace.

Opinion: Museveni – “China might be a problem in the future” – it will be if you default on your debt

Africa has been having problems for the last 600 years due to the slave trade, colonialism, neocolonialism — and none of it was from China” (…) not seen any serious problem, because their approach is different” (…) “They do not impose their offers if you do not want them, so we have not seen a problem for now. Maybe a problem in the future, but not now” – President Yoweri Kaguta Museveni (Sinan Tavsan – ‘Uganda leader says China-style diplomacy ‘better than’ the West’s’ 17.03.2022, Asia Nikkei).

President Museveni had an exclusive interview with a journalist from Asia Nikkei and it was published today. These few quotes are from there and it is striking. The former donor darling of the West. The President who has pandered to the interests of the United States and their allies for ages. Who has eaten of the buffet of aid, grants and all sorts of prepositions, which has given him a larger than life persona.

That man is now blaming the West for if all. He is right in going after the colonial past of the West and the neocolonial structures, which are hampering development and continues the cycle of rich versus poor. This is justified, but he also shows a little nativity in concern to China.

It is just like he don’t think the monies, the funds and the China Exim Bank, which works like this:

The China Exim Bank is increasingly making use of a deal structure – known as the “Angola mode” or “resources for infrastructure” – whereby repayment of the loan for infrastructure development is made in terms of natural resources (for example, oil). While this approach is by no means novel or unique, and follows a long history of natural resource – based transactions in the oil industry – China has taken its implementation to a higher level. By providing preferred lines of credit to Chinese state-owned enterprises and foreign governments wishing to purchase Chinese made goods, the China Exim Bank supports the overseas expansion of Chinese firms in line with the country’s “Go Global” strategy, whose long-run goal is to increase the productivity and competitiveness of these enterprises vis-à-vis their global competitors. The arrangement is used for countries that cannot provide adequate financial guarantees to back their loan commitments and allows them to package natural resource exploitation and infrastructure development” (Institute of Developing Economies – Japan External Trade Organization (JETRO) – ‘China in Africa’ October 2009).

What Museveni is not saying is what the costs of the debt and the structure of the Chinese support to Uganda or anywhere else. It is like Museveni haven’t seen what has happened when Republics or Nations defaults or fail to pay on the debts. Since, the Chinese Banks or Funds are coming with strings, which isn’t always public. That’s why we have seen what has happened to Sri Lanka and Tonga, which both has to give up key infrastructure to be licensed. The same has been told to happen Zambia and there are already fear of what could happen to Entebbe International Airport.

President Museveni should consider all of this, as it is next generation that will cover the debt he has been accumulated during his reign. There will be more than the Toll Road on the Entebbe Express-way to secure revenue for the added debt. It is like Museveni isn’t concerned about this and the threshold for repayments are coming closer. Therefore, at one point or another… if there is lacking domestic revenue… the Chinese companies or China can cease or capture collateral.

So, Museveni is right… China could become a problem. Especially, for all the nations who has eaten loans for the infrastructure projects in the Belt Road Initiative (BRI), which will pass the grace period and the debt of these has to be repaid. It wasn’t free money to build roads, buildings or rail-roads. No, it was an investment, which the Chinese plans to get profits out of. They didn’t give away this money. The first loaned the money, got a Chinese developer and Chinese Engineering company to build it and now later the debtor has to repay it with interests.

That is the brutal truth… I am not saying the loans are a problem, but they could easily become it. Especially, if the debtor doesn’t pay on time or in a fashion, which the creditor accepts. If they defaults or fails to repay. This gives the creditor leverage and possible freedoms or liberties to ensure collateral. Therefore, it could easily become a huge problem…

Museveni should also study how this happened to others. As sooner or later, this could happen in Uganda or anywhere else in Africa. The Chinese is right in doing this. The debtors signed the agreements and the stipulations on the loans are giving it legal binding rights to get it repaid. That is why … they might not use colonial techniques to get resources, ownership or have influence. They just borrowed money and with that has the upper-hand of their poorer states. It is a wise move, because the Chinese knows greed is an easy way of corrupting minds and get them into the fold. The same ways happens here. They don’t come with guns or war, but they are financially binding, which can easily be triggered.

In this instance, Museveni is partly outsmarted. Both are getting their interests nurtured, but at one point he could easily get into real trouble. It would be a huge problem and the state has to find currency or liquidity to actually cough up funds to pay on old loans. This is on the horizon and evidently, people are speaking to soft-heartedly about it. Peace.

Opinion: The Budget for the FY 2022/23 lacks 2,6 Trillion shillings!

We know that the state during the recent years have been running on deficit financing. This means it takes up loans to pay up for new loans to pay recurring expenditures. The state follows up this negative spiral of lacking of funds to ask for more expenditure than it has funding for. This means, the state is fiscally indisciplined and misusing funds, as they have to later find sources of revenue or take up more loans to fulfil the voted expenditure it has.

That isn’t a sign of a growing economy, but a way to further more loans and add more debt, which has to be paid back with interests in the coming years. As the parts of the government budgets are becoming more expensive, as the state has to fulfil and repay on the debts it has already taken out over the years.

The Minority Report states this:
“The government contradicted itself when it indicated that there would be limited supplementary budgets in FY2022/23 but at the same time elaborately articulate unfunded priorities or additional expenditure needs of UGX 2.62 trillion. Unfortunately, the majority report is silent on this fiscal indiscipline. The indiscipline of supplementary budgets is bound to continue and government hos sent indications that a minimum of UGX 2.62 trillion will be sought in due course” (A MINORITY REPORT ON THE NATIONAL BUDGET FRAMEWORK PAPER FOR FY 2022/23 -2025/26, January 2022).

This here should create headlines, because this is planning to take out loans to cover the current debt, which this will be. Since the state needs borrow or take up loans to cover these expenses. This just show how reckless the state is carrying it’s budgets.

As it can create 2.6 trillion shillings without having any sort of funds or revenue to ensure it. Which means someone else has to foot the bills currently. A creditor will take the debt and make sure the state can pay for the expenses. However, the future citizens has to repay for this and that is fiscal indiscipline and deficit financing. As the deficit needs financing and the shortfall has to be covered, which tends to be covered by debt.

This is unserious of the government and a sign of worry. As they are doing this on the first budget for the financial year and we can know additional supplementary budgets will most likely become bigger than two trillion shillings. We should expect more and the shortfalls might become worse, as all revenue isn’t recovered or the estimated tax-base isn’t as huge as earlier estimates and therefore the state couldn’t perform or have fresh funds to pay for the reoccurring expenses. Peace.

Chinese Embassy in Uganda: Remarks by the Spokesperson of the Chinese Embassy in Uganda on Some Media Reports Alleging that “Uganda Surrenders Airport for China Cash” (28.11.2021)

Opinion: Financial distress and defaulting on loans causes the state to loose Entebbe International Airport

China is most likely to take over Uganda’s Entebbe International Airport for default on debt repayment. More of Uganda’s national assets are at stake of seizure because of the unrealistic and endless borrowing which has mountained public debt to UGX65 trillion” (Kingdom Media Uganda, 25.11.2021).

The Deficit Financing can only take you so far. The bloated and crony capitalism can only keep you going so far. There been years upon years with loans for all sort of development projects and infrastructure upgrades in general. The loans have gone to buildings, roads and the only international airport in the Republic.

The National Resistance Movement and President Yoweri Kaguta Museveni have over the years promised they have a threshold and control of the amount of debt. However, in 2021 after a downturn and lack of generating revenue. The state is defaulting on it’s loans. The state has taken out loans it cannot carry. Loans are not only the loan, but the services for it too. The loans are with interests and with additional fees, which was accepted on taking the loans. These loans are now maturing and the grace period of not paying interests etc.

The Ministry of Finance, Planning and Economic Development (MoFPED) have promised they can service it and has it under control. They have said it would be used properly and well-spent funds. Nevertheless, the loans are clearly piling up and the state doesn’t have the revenue to pay them. They have recycled to many bad-loans and now they comes to haunt the Republic.

The state is paying for ghosts, huge patronage and a local government structure that is dilapidated from the get-go. Since, the state has such excess of expenditure, but they have to keep that to breathe life into the regime. This is why the state has to spend and use funds like a drunk sailors in port. Just awaiting to be robbed by a bystander or waste a salary at a gentleman’s club. However, this is a serious government and not a drunk lonely man who has been at sea for months on end.

It is tragic, but there been warnings. The Sri Lankan debt to China and what happened there should have been a “red flag”. What happened in Zambia as well should be another story of which the Ugandan government should have reacted too. However, that is clearly asking to much, as kickbacks, graft and grand corruption is part of the diet at the Entebbe/Nakasero State House. They are just eating and doesn’t care about the ramifications of it. Since, the cattle in Rwakitura farm is better taken care off, than how the budgets are financed. This is the sad reality of the Republic in 2021.

The amount of loans and debt will cause more distress. Why? Well, there is no future or ability to clear the debt without any proper revenue. The state needs to find new measures to get fiscal responsible. However, the state cannot just tax things and start to tax people for their every transaction. Because, with doing that… they are taking away money, which will generate more revenue and even more possibility to create new businesses. Yes, the state gets more taxes, but they are also creating a wormhole where there is no option to generate any real income. Since, if you have any transactions, the percentages of money is siphoned by the state and instead of getting invested to make new markets.

Therefore, the state is forced to change the way it operates. However, by doing so… the NRM and Museveni will have to drop cronies. That is something it cannot afford, because they are to eat and not to make the Republic better. This state cannot sustain itself …. and it’s own fault that it defaults on loans. Nevertheless, the citizens and the taxpayers are the first to be hit by this. Not the ones who has issued or taken out the loans over the years. They are the ones that has to fix it or for generations pay the Chinese for ordinary services. Because, the current regime wants SUVs and envelopes to cover for funerals or pay for medical tourism. Peace.

Opinion: 7 years down the line and the China Exim Bank loan to upgrade Entebbe Airport can become a liability

The State Minister of Finance, David Bahati assured the legislators that the implementation of the project will be monitored to ensure the funds are properly utilised” (The Observer – ‘Parliament endorses Shs 680bn Entebbe Airport expansion loan’ 30.10.2015).

It is now evident that the Government of Uganda and the National Resistance Movement (NRM) might struggle with a loan it took out in March 2015 from the China EximBank to fund upgrades of the Entebbe International Airport. We are now in October 2021. There was forewarnings about taking expensive and extensive loans to build and development infrastructure projects. The ones who was steadfast and worried about the rate of loans the state took out was silenced. The state had a plan and initiated with thresholds of loans the state could borrow.

Alas, the state is starting to struggle to cope with all of these loans. It is not shocking as the NRM and the state have been busy with deficit financing it’s budgets to balance it. They are operating with a higher expenses than it has domestic revenue. So to go from red to black the state borrows vast sums from various entities, both locally and internationally. These are taken out with interests and with that… the debt burden is ballooned and at one point… the creditor will either ask for the collateral or make an agreement to cover the funds to cover the defaulted debt. This is what that could happen to Entebbe International Airport…..

Here is how the story went…

How the loan was made:

On October 8, 2014, Uganda’s Civil Aviation Authority (CAA) and China Communications Construction Company (CCCC) entered into a contract for the up grading and expansion of Entebbe International Airport (Phase 1). To access funding for the project, the Government of Uganda (GoU), represented by the finance ministry, signed a concessional agreement with EXIM Bank of China dated March 31, 2015 for the principal amount not exceeding Renminbi 1.26 billion (about $200m) and interest to be charged at a rate of 2% per annum” (Africa Tembelea – ‘AG Muwanga raises queries on Entebbe Airport Expansion’ 12.01.2019).

How CAA looked at the agreement in 2019:

Current overall progress for the upgrade and expansion of Entebbe International Airport is at 52 per cent as opposed to the planned progress of 55 per cent. This is commendable progress. At one point in time, there was a delay in release of money from the Exim Bank of China to the contractor (CCCC), which led to a slight delay that has since been resolved. There was a difference of opinion between Exim Bank and the Government of Uganda on the loan agreement clauses. This necessitated the Government of Uganda and Exim bank of China to renegotiate the terms. This was done and the matter resolved amicably. The contractor has since increased resources committed to the project including manpower and equipment. The rainy season also affected works” ( Dorothy Nakaweesi – ‘Renegotiating loan terms slows Entebbe Airport expansion’ 03.06.2019, Daily Monitor).

Xinhua reports:

Under the Belt and Road Initiative, construction works started in May 2016 after Uganda acquired a 200-million-U.S. dollar loan from the Export-Import Bank of China (China EximBank). The project is scheduled to be implemented in two phases, said China Communications Construction Company (CCCC), which was contracted to design, construct and manage the project. The first phase, with three-quarters finished, involves construction of a new passenger terminal, a new cargo complex, and upgrade of two runways and their associated taxiways, rehabilitation and overlay of three aprons. “For the new cargo building, it is about 10,000 square-meters and when it is finished, it can handle 100,000 tons of cargo per year; for the new passenger terminal building, it is about 20,000 square-meters (and) can handle 3 million passengers per year,” Li Qinpu, CCCC project manager told Xinhua in a recent interview” (Ronald Ssekandi – ‘Feature: China revitalizes Uganda’s aging airport to carry more int’l traffic’ 15.10.2021, Xinhua).

Brian Luwanga tweeted today:

EXIM Bank of China can take over Entebbe Airport in case Uganda fails to pay back a loan of 740 billion shillings ,this has been unearthed by COSASE while meeting Finance Minister Matia Kasaija. The loan was advanced to Uganda for upgrade of Entebbe Airport(Brian Luwanga, 28.10.2021).

It is now a shot that the state promised was safe and would be able to liable for. The state said it would be able to repay the Chine EximBank and service the debt. However, it now seems likely the state is failing to pay back the loans. This means the state is defaulting in it and depending on the agreement. The creditor will have power to cover the debt from the debtor. In this instance, the state has to give collateral or any other sort of value, which will practically cover the lost debt and get returns on the loans issued.

This here is a sad story, but they could have done things differently. Even MPs and some said the state should use other sources to raise the funds for the upgrades of Entebbe International Airport. There was one MP who said the state should borrow this from the NSSF to cover it. Alas, that wasn’t the case and now we are here.

We shouldn’t be shocked at this current rate and with the trillions of shillings of debt. The debt isn’t only the amount you get directly from the lender, but you will also pay additional fees and interests. Meaning the loan isn’t just the fixed funds, which the debtor is receiving, but also the costs of servicing it too. That is what the state has do to when it takes these sort of loans and financial instruments.

The general public should worry about this. Because the state has taken out so many loans and these could it easily default on. The state needs domestic revenue, but is running on huge burden of running costs. While it doesn’t have a growing economy or financial structure to cover the deficits. That’s why the state has taken out loans to cover these expenses and this is why they are defaulting on it.

This was inevitable and the state has to restructure itself. Also, ensure it only has expenses that it can cover and just continue to add debt until the sky. Now the rainy days are coming and the loans taken out in recent years will come to haunt the state. This will hurt the state even more and the spiral of depreciative loans will eat up the budgets, which it is already doing. The rate of paying down on it will be destructive, unless there is a sudden miraculous change of financial fortunes. Alas, await more tragedies like these, as the Entebbe International Airport is the top of the ice-berg. Peace.

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