Reuters reports that escalating government borrowing against projected oil revenues is inflating Uganda's debt and worsening poverty. Uganda is East Africa's third biggest economy, but is borrowing against its crude oil reserves, mostly from China, even before it starts production. The fear of economists and legislators is that China could be using its generous loan packages to gain substantial leverage in the country.
I have been a senior resources analyst following the fortunes of the mining and energy sectors for the past 25 years - previously working with stockbroker Intersuisse and financial group Fat Prophets. I am also Executive Director, Mining & Metals...
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