Uganda’s Credit rating has improved and is now B+ ahead of the PIGS

Dear Ugandans at heart,

How come nobody in the media has reported that Uganda’s Credit rating has improved and is now B+ ahead of the PIGS (Portugal, Italy, Spain & Greece- the Spanish PM was right after all- Spain aren’t Uganda!!). The rating is good for FDIs. Let’s use the new rating to support investment and infrastructure development by use sovereign guarantees and bonds. Otherwise it won’t help much.

Mind u this rating by Fitch comes after the 1.6 billion USD Karuma deal (soft loan from China) the biggest ever in Uganda. This shows we are solvent and can undertake similar infrastructural developments in terms of value. I can’t help, but be proud of my country at least for a few days. This is good after the Kipritoch gold days!!!

I know some people may wonder what FDI means or they understand it but don’t want to know it because In certain corners, its connotation boarders that of a certain party that the Mulindwas hate…….(won’t divulge lest POMB takes effect!!)

However, Rating is useless 4 the jigger infested peasant in Kamuli! The rating is useless to a single mother struggling to send her child to school!A retired Danish football manager Ebbe Skovdahl said, “Statistics are just like mini-skirts, they give you good ideas but hide the most important things.”

I know of some people who own nothing and owe nothing. Theoretically, they have the best credit rating. On individual level, you need to prove to the banks that you are worth 3 times more than what you wish to borrow; and this worth is actually computed on forced sale value. I guess states are looked at in the same way.



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