The ratings on the Republic of Uganda are constrained by the sovereign's low economic development, its dependence on donor funds, the lack of a track record of democratic government handovers, and the long-term challenges stemming from rapid population growth. They are supported by relatively unlevered fiscal and external balance sheets following debt relief, good fiscal-monetary policy coordination, strong relations with donors, and good growth prospects on the back of ongoing investments. GDP per capita stood at about $400 in mid-2008, five times below the 'B' median but not out of line with some Sub-Saharan African peers' ratios. Development needs are significant and compounded by wide geographic disparity in poverty rates. In the long term, if high fertility rates do not
