IMF Staff Completes Post-Financing Assessment Mission to Uganda
IMF News, November 12, 2025
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- IMF Staff Completes Post-Financing Assessment Mission to Uganda
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- Published: November 12, 2025
Mission details
- IMF staff team led by Jesmin Rahman visited Kampala from November 3 to 7 to conduct Uganda’s post-financing assessment (PFA).
- Press Release No. 25/371; publication date: November 12, 2025.
- The Post-Financing Assessment is expected to be discussed at the Executive Board of the IMF in January 2026.
- IMF Communications Department media relations: PRESS OFFICER: Tatiana Mossot; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.
Growth and inflation findings
- Economic growth reached 6.3 percent in FY2024/25 and was described as broad-based.
- Inflation remains stable and below the 5 percent medium-term target of the Bank of Uganda (BoU).
Fiscal position and debt service
- The fiscal position deteriorated significantly in FY2024/25 due to higher current spending, including one-off items.
- Interest payments are taking up almost a third of domestic revenues.
External position and reserves
- Gross international reserves strengthened, supported by higher exports, capital inflows, and stepped-up foreign exchange purchases by the BoU.
- Foreign exchange reserves have increased significantly.
Outlook and risks
- Macroeconomic conditions are expected to remain favorable in the near term.
- Further improvement is anticipated once oil production begins in FY2026/27.
- Downside risks to the outlook include global trade and financial uncertainties as well as fiscal policy slippages.
Capacity to repay the IMF
- The staff team assessed Uganda’s capacity to repay the IMF as adequate under a combination of external and domestic shocks.
Closing and next steps
- The IMF team thanks the authorities for their productive engagement and hospitality.
- The IMF Executive Board is expected to consider Uganda’s PFA in January 2026.
Source: IMF Staff Completes Post-Financing Assessment Mission to Uganda (Press Release No. 25/371), November 12, 2025.
Content in this bundle
- The Post Financing Assessment