In Uganda, public debt reached 34.77 billion USD at the end of January 2026, marking a 21.2% increase over one year, according to the Bank of Uganda. At the same time, foreign exchange reserves rose significantly to 5.6 billion USD, compared to 3.3 billion a year earlier, an increase of 69.7%, supported notably by investments in the oil sector. However, the central bank warns about the growing burden of debt servicing and the country’s dependence on external borrowing, which are limiting fiscal space in the face of economic shocks and could increase the risk of debt distress. In addition, Parliament approved the 2026–2027 budget, set at 84,300 billion Ugandan shillings, approximately 13.5 billion USD.
