Uganda has pledged tighter budget discipline, stricter tax policies and measures to control inflation as it seeks to strengthen its sovereign credit rating and improve access to financing, the government has said.
The commitments were presented during meetings between Finance Minister Henry Musasizi’s delegation and Moody’s Ratings in Bangkok, Thailand, on the sidelines of the 2026 annual meetings of the World Bank Group and the International Monetary Fund (IMF).
Bank of Uganda Governor Michael Atingi-Ego briefed the ratings agency on measures taken by the central bank to contain inflation and stabilise the depreciating shilling, including tightening liquidity amid difficult global financial conditions.
“Moody’s should appreciate that Uganda is pursuing the right economic policy amidst the difficult global financial conditions,” Atingi-Ego said.
On the fiscal side, Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, said the government was making adjustments to restore budget discipline and strengthen accountability in public spending.
He cited the budget discipline and accountability charter, measures to improve project implementation and a tighter tax policy without reliefs.
Ggoobi also said the government had no room for subsidies and unnecessary supplementary budgets, signalling a push to limit additional spending outside approved budget plans.
The meetings come as Uganda seeks to strengthen investor confidence and optimise its debt portfolio amid challenging global financial conditions.
Musasizi’s delegation also met the Global Sovereign Advisory team, led by Anne-Laure Kiechel, to discuss ways of strengthening Uganda’s credit rating. Discussions covered local currency markets, private credit, geopolitical trends and innovative financing.
The delegation separately met officials from Citi Bank, led by Valentina Antill, managing director and global head of Cross-Border and Public Sector Solutions, to discuss financing for the Standard Gauge Railway (SGR) and the potential use of green bonds.
Uganda also participated in a meeting of the Africa Group One Constituency, which brings together 22 sub-Saharan African member countries.
Discussions focused on mobilising financial and technical resources, expanding concessional financing under the International Development Association’s IDA21 operations, private sector investment and capacity development.
The minister’s delegation further held discussions with partners in the Coalition of Finance Ministers for Climate Change on support for Uganda’s co-chairmanship ahead of the coalition’s meeting scheduled for Wednesday.
The delegation also held a virtual meeting with Uganda’s World Bank country team to prepare for talks with the World Bank vice-president for the Africa region on Thursday.