Uganda's economy continues to exhibit strong momentum compared with peers, with real GDP growth averaging 5.6% over fiscal years 2022-2025 (ended June 30, 2025). Favorable terms of trade, alongside strong portfolio flows and foreign direct investment, have helped boost Uganda's foreign exchange (FX) reserves. Persistent supplementary budgets that increase government spending beyond originally planned levels have kept domestic financing costs elevated. However, we expect fiscal pressures to moderate after the January 2026 presidential election, aided by the resumption of concessional external financing and the completion of major oil projects by late 2026. We revised our outlook on Uganda to positive from stable and affirmed our 'B-/B' long- and short-term foreign and local currency ratings. On Nov. 7, 2025, S&P Global
