Uganda plans to reduce its reliance on variable interest-rate loans, which have contributed to a significant increase in public debt from 42.2 tln shillings in June 2019 to 93.4 tln at the end of last year. This move comes as the country’s debt surged 13.6% YoY in 2023, partly due to high-cost commercial credits for infrastructure projects. Meanwhile, Uganda is currently in discussions to secure additional funding from the World Bank, which would alleviate some financial pressures.