Uganda's Impeding Debt Crisis

[Independent (Kampala)] In a recent podcast of Bad Natives, I argued that there is a real risk of Uganda defaulting on her domestic bonds in two to three years. It makes little sense to judge a country's debt sustainability using the debt-to-GDP ratio. GDP is not a resource of government which it can use to pay creditors. The resource government uses to pay creditors is largely tax revenues. Therefore, the most appropriate measure of the ability of a government to service its debt is the ratio of debt service to tax revenues. I