Uganda's economic performance is still weak and its fiscal and external deficits remain high, despite the economy gradually re-opening after the lockdown to combat COVID-19. Most of the external financing still comes from official lenders at a low cost. We expect economic growth to rebound next year and over the medium term, supported by agriculture, trade resumption, and infrastructure investments linked to resource sectors. We are affirming our 'B/B' ratings on Uganda and maintaining the stable outlook. On Dec. 11, 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 expectations of Uganda's high fiscal and external deficits over the next year,
