In Uganda, COVID-19 containment measures are resulting in temporary weaker economic performance and higher fiscal deficits. Uganda's current account deficits remain high and are increasingly financed by external debt. Nevertheless, long-term and low-cost financing from official lenders mitigates Uganda's rising external imbalances We are affirming our 'B/B' ratings on Uganda. The outlook is stable. On June 12, 2020, S&P Global Ratings affirmed its 'B/B' foreign and local currency long- and short-term sovereign credit ratings on Uganda. The outlook is stable. The stable outlook balances our expectation that Uganda will experience subdued economic growth as well as higher fiscal and external imbalances in the next 12 months, against our assumption of continual access to official financing on preferential terms. We could
