Uganda’s foreign debt is increasingly growing bigger, a situation that is worrying legislators in Parliament.

Making a submission to Parliament this morning on the loans, grants and guarantees for the financial year 2010/11, the state minister for finance in charge of investments Aston Kajara says that as by March 31, 2011, Uganda’s external debt stood at 4.7bn US dollars.

Kajara says that at the same time last year 2010, Uganda ’s debt stood at 4.1 billion US dollars.

Among the highest Government creditors, is the International Development Fund standing at 63%, with most of the monies committed to the works and transport sector, agriculture, water and environment, education, health and general budget support in that order, according to Kajara.

In the financial year 2005/06, Uganda got a foreign debt waiver with almost all the debts cancelled, a thing legislators say gave the Government a lee way to borrow the more.

They want Government to take a cautious step in future transactions, so that the country is not mortgaged and the debt burden on future generation increased.

By Isaac Senabulya