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Uganda's Economic ReformsInsider Accounts$
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Florence Kuteesa, Emmanuel Tumusiime-Mutebile, Alan Whitworth, and Tim Williamson

Print publication date: 2009

Print ISBN-13: 9780199556229

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199556229.001.0001

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Debt Management and Debt Relief 1

Debt Management and Debt Relief 1

Chapter:
(p.264) 12 Debt Management and Debt Relief1
Source:
Uganda's Economic Reforms
Author(s):

Damoni Kitabire

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199556229.003.0012

This chapter shows how the rapid accumulation of debt from 1986 led to a debt crisis in 1990. It discusses the debt management strategies adopted following the crisis to ensure that it would not recur. Paris Club rescheduling and commercial debt buy‐back helped reduce the stock of arrears. However, this increased the share of multilateral debt, which could not be rescheduled, to 75%. Uganda was in the vanguard of the debt relief movement of the 1990s, which culminated in the Highly Indebted Poor Countries initiative, and was the first country to benefit from HIPC. This chapter shows how sound economic management and a strong commitment to poverty reduction underpinned the case for multilateral debt relief in a country where debt was vividly crowding out social expenditure. It also looks at Uganda's role in the HIPC initiative and shows the impact of debt relief on debt service costs.

Keywords:   debt, debt relief, debt management, HIPC, Paris Club

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