Uganda: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda

Uganda’s robust growth momentum continues, supported by strong domestic demand, low inflation, and a pickup in private sector credit growth. The outlook is set to strengthen further with the expected start of oil production in late 2026, which would strengthen fiscal and external balances over the medium term. Spillovers from the conflict in the Middle East have so far been limited, but a prolonged or intensified conflict poses a significant downside risk in the near term. Other risks include tighter global financial conditions, further delays in oil production, and climate‑related shocks.