Despite a slowdown in growth in 2016, we expect Uganda's GDP growth to remain reasonably strong over 2017-2020 and to benefit from continued infrastructure investments. We expect Uganda's ongoing fiscal consolidation efforts to improve its fiscal performance in 2017-2020. We are affirming our 'B/B' ratings on Uganda. The stable outlook reflects our expectation that fiscal and external metrics will remain broadly in line with our forecasts, while inflation will remain contained. On June 16, 2017, S&P Global Ratings affirmed its 'B/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Uganda. The outlook is stable. The ratings on Uganda are constrained by low per capita GDP, and still large, albeit falling, fiscal deficits. At the
