We expect economic growth in Uganda will remain robust over the medium term, in part thanks to continued infrastructure investments and services sector growth. However, external debt accumulation is increasing, while government debt-servicing costs remain high. We are affirming our 'B/B' ratings on Uganda. The outlook is stable. On Dec. 14, 2018, S&P Global Ratings affirmed its 'B/B' foreign and local currency long- and short-term sovereign credit ratings on Uganda. The outlook remains stable. The stable outlook reflects our expectation that, over the next year, Uganda's fiscal and external metrics will remain broadly in line with our forecasts. Our baseline expectation is that the Ugandan government will stay broadly on track with its non-funded International Monetary Fund (IMF) program, which
