The review, conducted in late 2025 and released in July 2026, examined Uganda’s public sector debt statistics using the IMF’s Data Quality Assessment Framework. The assessment found that Uganda has a solid legal and institutional framework for debt management, although shortcomings remain in the scope of reported debt and the consistency of data compilation.
The IMF said Uganda is currently assessed as facing a moderate risk of debt distress, with key debt indicators remaining below established thresholds under the baseline scenario. However, the Fund cautioned that increasing reliance on domestic borrowing and non-concessional financing could heighten future debt vulnerabilities.
A major concern identified in the report is that Uganda’s debt sustainability analysis does not fully capture liabilities associated with extra-budgetary entities and non-guaranteed borrowing by state-owned enterprises. According to the IMF, expanding debt reporting would provide a more complete and transparent view of the country’s fiscal position.
The report commended the Ministry of Finance, Planning and Economic Development, together with the Bank of Uganda, for maintaining effective coordination and timely publication of debt information. Regular debt bulletins covering public debt, government guarantees and contingent liabilities generally align with international statistical standards.
Despite these strengths, several obligations remain outside Uganda’s main public debt statistics. These include domestic arrears, central bank overdrafts, pension liabilities, public-private partnership commitments and finance lease obligations.
The IMF highlighted domestic arrears and central bank overdrafts as a significant reporting gap. Combined, these liabilities amounted to approximately $4 billion as of June 2024, based on the report’s figures, yet remain excluded from headline public debt statistics.
The assessment also identified inconsistencies across government publications. The Fund recommended greater harmonisation of debt figures, particularly regarding domestic arrears and differences between debt statistics and other macroeconomic data.
To improve efficiency and transparency, the IMF suggested consolidating debt management and reporting functions under a more unified structure. The report also called for upgrades to debt management systems to improve coverage of additional financial instruments and enhance data quality.
Among the priority recommendations are the inclusion of domestic arrears and central bank overdrafts in official debt statistics, stronger policies governing data revisions, greater automation of data compilation processes and clearer communication of methodological changes to data users.
The IMF concluded that Uganda’s debt reporting framework performs well in many areas, but broader coverage, improved consistency and enhanced transparency would strengthen fiscal oversight and support more accurate assessments of long-term debt sustainability.
–IMF/ChannelAfrica–
