In our view, Uganda’s growth prospects face a less supportive external environment, and major new oil projects originally set to start production at midyear 2026 face delays. Meanwhile, higher energy prices and lower coffee prices have worsened the country's terms of trade, putting pressure on the Ugandan shilling in recent weeks. Despite renewed access to concessional external financing, tighter domestic monetary conditions have pushed up government borrowing costs, with interest expenditure projected to approach 30% of government revenue while fiscal deficits remain elevated. We revised our outlook on Uganda to stable from positive and affirmed our'B-/B'long- and short-term foreign and local currency ratings. On Nov. 6, 2026, S&P Global Ratings revised its outlook on Uganda to stable from
