Word: muhakanizi
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...debt relief was accompanied by a surge in aid, which funds nearly half the country's $2 billion annual budget. This year, Uganda received $760 million in foreign grants, more than eight times the savings from reduced loan repayments. "Debt relief catalyzed donors to increase their spending," says Keith Muhakanizi, director of economic affairs at the Ugandan Ministry of Finance. Still, Uganda's needs far outstrip its ability to pay. In the past four years, the country has borrowed $1.5 billion to build schools, clinics and roads. Total debt now stands at $4.3 billion. Meanwhile, collapsing coffee prices have pummeled...
...borrowing at $200 million per year, and has even suggested that grants be restricted. The country is also breaking free of its dependence on coffee exports, pulling up the beans in favor of flowers, tea, cotton, tobacco and vegetables. The next push, says Director of Economic Affairs Muhakanizi, is to turn raw agriculture products into processed goods. "If you're exporting cotton, you can sell yarn," he says. For many, economic self-sufficiency can't come soon enough. "A return on investment in health and education takes a long time," says Paul Busharizi, business editor at Uganda's New Vision...
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