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Uganda said on Monday it may approach its major creditors including China and the World Bank to negotiate a possible suspension of loan repayments amid a growing default risk after its debt load ballooned 35 per cent in a single year.
The country gobbled up large credit lines from the World Bank, the International Monetary (IMF) and other lenders in 2020 to meet funding pressures triggered by the economic crisis induced by the Covid-19 pandemic.
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