Uganda to Sell $103 Million in Debt to Fund Defense Ministry

(Bloomberg) -- Uganda’s Ministry of Finance said the country planned to sell an extra 380 billion shillings ($103 million) in notes to fund the Ministry of Defense.

The money is required immediately and can’t be raised through tax collection or foreign bond sales, the Ministry of Finance said in a statement on Uganda’s parliamentary website. The reasons the funding is needed are classified, according to the statement.

With the extra issuance, net domestic financing is expected to rise to 2.16 trillion shillings from the 1.78 trillion shillings that was approved in the budget, the ministry said.

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