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Country · UGA

Uganda · Finances and debt

Source: IMF, World Economic Outlook (October 2026) · copied on 2026-11-11

Public finances and external accounts

A fiscal deficit of 6.6 % of GDP

Uganda: in 2025, the general government spent 6.6 % of GDP more than it collected, public debt stood at 53.2 % of GDP, the current account showed a deficit of 5.1 % (IMF).

Fiscal balance · 2025
−6.6 %
of GDP · +1.2 pt since 2020
Public debt · 2025
53.2 %
of GDP · +6.4 pt since 2020
Current account · 2025
−5.1 %
of GDP · +4.4 pt since 2020

Fiscal balance, % of GDP

Negative: a deficit · dashed: estimates and projections

−8 % −6 % −4 % −2 % 0 % 2015 2020 2025 2030 East Africa −3.5 Uganda −5.5 −8 % −6 % −4 % −2 % 0 % 2015 2020 2025 2030
Chart data as a table
Uganda: in 2025, the general government spent 6.6 % of GDP more than it collected, public debt stood at 53.2 % of GDP, the current account showed a deficit of 5.1 % (IMF).
Year UgandaEast Africa
2015 −2.6 % −4.3 %
2016 −2.6 % −3.7 %
2017 −3.8 % −4.0 %
2018 −3.0 % −4.1 %
2019 −4.8 % −4.7 %
2020 −7.8 % −5.3 %
2021 −7.8 % −4.6 %
2022 −5.4 % −4.4 %
2023 −4.9 % −3.7 %
2024 −3.9 % −3.3 %
2025 · estimate −6.6 % −3.7 %
2026 · projection −5.8 % −4.1 %
2027 · projection −5.6 % −3.8 %
2028 · projection −5.5 % −3.6 %
2029 · projection −6.3 % −3.7 %
2030 · projection −5.5 % −3.5 %
  • Uganda
  • East Africa

Source: IMF, World Economic Outlook (October 2026) · general government net lending or borrowing · group values weighted by GDP in dollars (Syli Atlas)

Current account, % of GDP

Trade, income and transfers with the rest of the world

−10 % −8 % −5 % −3 % 0 % 2015 2020 2025 2030 Uganda −0.3 −10 % −8 % −5 % −3 % 0 % 2015 2020 2025 2030
Chart data as a table
Current account balance of Uganda, % of GDP
Year Uganda
2015 −5.5 %
2016 −2.6 %
2017 −4.8 %
2018 −6.1 %
2019 −7.0 %
2020 −9.5 %
2021 −8.4 %
2022 −8.6 %
2023 −7.5 %
2024 −8.0 %
2025 · estimate −5.1 %
2026 · projection −7.3 %
2027 · projection −2.4 %
2028 · projection −1.6 %
2029 · projection −0.3 %
2030 · projection −0.3 %

Source: IMF, World Economic Outlook (October 2026)

Currency

Ugandan shilling

The Ugandan shilling has no fixed peg: its value against the dollar and the euro moves with the market and the central bank's policy.

Currency
UGX
Ugandan shilling
Exchange regime
—
no fixed peg
Inflation · 2025
3.6 %
average annual change in consumer prices

Currency codes: ISO 4217 · fixed parities: central banks (BCEAO, BEAC, Central Bank of the Comoros, Bank of Cape Verde…) · inflation: IMF, World Economic Outlook (October 2026)

Debt

A debt owed first to multilateral lenders

At the end of 2025, Uganda owed 17.5 bn$ in public external debt (World Bank). 13.5 % of it was owed to China, 55.3 % to multilateral institutions and 16.2 % to bond holders.

Debt of the 54 countries →
Public debt · 2025
53.2 %
of GDP · IMF
External debt · 2025
23.9 bn$
public and private · World Bank
Public external debt · 2025
17.5 bn$
owed or guaranteed by the State
Debt service · 2024
11.3 %
of exports of goods, services and income

Risk of debt distress

IMF and World Bank debt sustainability analysis

Latest analysis published on 2026-02-03: moderate.

Source: IMF, list of debt sustainability analyses of low-income countries, as of 2026-03-31 · imf.org

Public external debt by creditor

Share of the total at the end of each year

2015
2020
2025
Multilateral (IMF, World Bank, AfDB…)
55.3 %
China
13.5 %
Other countries
7.0 %
Bonds (Eurobonds)
16.2 %
Banks and other private lenders
8.0 %

Source: World Bank, International Debt Statistics (updated 2026-11-05) · public and publicly guaranteed external debt, end of year · CC BY 4.0 · shares: Syli Atlas calculation