Ugandan parliament says USD12m UTL debt should be cleared

23 Oct 2020

A Ugandan parliamentary budget committee has recommended that the government should clear a UGX45.6 billion (USD12.2 million) debt owed by state-owned Uganda Telecom Ltd (UTL). The Monitor reports that UTL owes the sum to Eastern and Southern Trade and Development Bank (TDB) as part of a wider UGX2.4 trillion financing arrangement. The committee says clearing the debt would help shore up the struggling telco’s finances.

Meanwhile, plans are underway to revamp UTL to create a new state-controlled telecoms operator. The government took over the running of UTL in March 2017, pushing out 69% shareholder LAP Green Network (LAP GreenN) of Libya following allegations of mismanagement and underinvestment.

Uganda, Uganda Telecom Limited (UTL)