Uganda is negotiating a new round of funding with the International Monetary Fund (IMF) after its previous arrangement lapsed last year, a senior government official confirmed on Tuesday.
The East African countryâs earlier Extended Credit Facility (ECF), launched in 2021 and valued at around $1 billion, expired in 2024 after disbursing about $870 million. The IMF said at the time that the programme ended âagainst the backdrop of program implementation challenges compounded by external funding constraints.â
âUganda is currently negotiating a new Extended Credit Facility Program with the IMF,â said Ramathan Ggoobi, the finance ministryâs permanent secretary and secretary to the Treasury, during a meeting with ambassadors. According to a ministry statement on X, Ggoobi added that the new programme âis expected to be presented to the IMF Board after the general elections early next year.â
Uganda is scheduled to hold presidential and parliamentary elections in January or February 2026, with the electoral body yet to fix a final date.
The government is under pressure to secure fresh, low-cost funding as it battles rising public debt. Ugandaâs total debt stock climbed 17.8% last year to $29.1 billion, equivalent to 52.1% of GDP, up from 49.9% a year earlier, according to finance ministry figures.
Securing IMF support is seen as key to stabilising the countryâs finances and restoring investor confidence, though the timingâshortly after electionsâsuggests political considerations will play a role in the final agreement.
Melissa Enoch
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