Uganda economy grew at a higher rate of 6.8% in the first half of FY23, almost double that of the previous year. However, the country’s total debt, currently at USD 21 bln, has nearly reached 53% of its GDP, and officials project a further increase. In March, Fitch revised its outlook on Uganda’s rating from stable to negative, reflecting heightened fiscal and external financing and liquidity pressures. These pressures are partly related to the reduced availability of concessional external financing, tighter domestic and external financing conditions, and large twin budget and current account deficits.