Uganda

This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Uganda's economic growth is improving as the construction of large oil projects progresses, however, institutional capacity remains weak. The government?s ability to mitigate shocks is low due to still sizeable fiscal and external imbalances. --S&P Global Ratings forecasts real GDP growth per capita will average 2.4% in fiscal years 2025-2027 (ending June 30), up from 1.3% in the previous decade. Longer-term growth prospects are positive once oil production starts in late 2026. --Persistent supplemental budgets and reduced external financing are resulting in increased reliance on high-cost local currency debt. Fiscal pressures could start moderating once exports from major oil projects start in late

...The ratings on Uganda are constrained by its low per capita GDP, sizable fiscal deficits, and rising indebtedness. Unplanned spending is being passed through multiple supplemental budgets, resulting in a prolonged fiscal deficit. Simultaneously, the government is plugging...

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