Despite Uganda's weakening fiscal and external deficits in the near term, the implementation of infrastructure projects is likely to provide medium- to long-term economic benefits. Concluding oil sector negotiations and a smooth election cycle could further support investment and firmer economic growth. We are affirming our ratings on Uganda at 'B/B'. The outlook is stable. On Dec. 13, 2019, 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 reflects our expectation that, despite their initial impact on Uganda's fiscal and external balances, infrastructure investments will ultimately support development and fuel economic growth. We expect the government to maintain its relations with official creditors who
