{UAH} Uganda’s external debts stands at $6 billion almost more than the National budget 2013/2014!

Fellow Ugandans

 Am deeply worried. Let me explain why. For some time now our dear leader YKM has assured the World that Uganda has saved enough funds to deal with its infrastructure challenges including construction of power dams through the Energy Fund hosted by the Central Bank. This fund is said to be big enough to fund the 2 billion dollar Karuma power project.

Yesterday, at the committee on National Economy , it was revealed that the Chinese Exim bank has expressed interest in lending us the 2 billion dollars for that project. We did not approach them but they did according to minister Kasaija. I listened and saw this on TV yesterday and the body language of both The Governor and Hon Kasaijja said a lot one chose to nap while the deliberations were going on while the other kept on grinning even when someone explained the repercussions of such borrowing to the ordinary Ugandan.

To my dismay I even heard that this borrowing interest was inflated from 1% the bank was offering to 7%. On top of all this our government might be sued by another Chinese company for wrong procedure of awarding the tender.

My simple question is, if we have funds for that project under the famous energy fund, why put this country in another debt burden to choke our kids who will pay dearly??

If China is going to provide the funds, what then will become of the funds under the energy fund?

The Ugandan law states that money cannot be gotten from such a fund without the express approval of parliament, but you and I know that this is just on paper given the fact that our national reserves in the Central Bank were "raided" to get the 1.7 trillion shillings which was spent on the Sikhoi jet fighters in 2011 without even notifying parliament!.

Am deeply worried because I strongly believe that our money will end up with the few. No wonder I woke up today with this song blazing in my head....Abasajja nga batubye! Am starting to believe that our visionary leaders are not a Ugandans .Uganda's external debts stands at $6 billion almost more than the National budget 2013/2014!

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H.OGWAPITI
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"To announce that there must be no criticism of the president, or that  we are to stand by the president right or wrong, is not only unpatriotic  and servile, but is morally treasonable to the American public."
---Theodore Roosevelt