World Bank dash President Museveni's hopes of middle income status for Uganda (PPU Photo)

World Bank tell President Museveni it is a joke to say Uganda can attain middle class status with current state of economy

Ayiswa Issa Wednesday, 23 November 2016 - 7:04pm Money

World Bank have dismissed President Yoweri Museveni's hopes that Uganda will transform into a middle class soon with damning statistics.

President Museveni in his speech after the Electoral Commission confirming him winner of the February 18 elections said his government is looking to push Uganda into the middle income country.

World Bank dismisses economy as one, "That can't transform UG to middle-income soon."

They go on to justify: "1UGX invested in Uganda’s infrastructure generates aboutt 70% of a Shs of economic activity."

According to Moody's ratings: "Uganda’s debt burden has risen 9% points to 33% of GDP in last 4yrs & is projected to continue rising towards 45% of GDP by 2020."

It highlights: "Uganda’s debt stock is at $9.1bn – 34% of GDP yet only about $5.3bn has been used - meaning country is paying interest for unused cash."

And shockingly suggests: "Uganda's debt burden has risen faster than govt’s own resources, resulting in a debt-to-revenue ratio of 236%, one of the highest."

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