The International Monetary Fund (IMF) has forecast that Uganda's economic growth will soar to double digits with the commencement of commercial crude oil production in the upcoming financial year. According to the IMF, the initiation of oil production is expected to result in sustainable improvements in both the fiscal and current account balances.
According to an IMF report released late Wednesday, Uganda's economy is anticipated to grow by 10.8% in the 2025/2026 fiscal year, starting in July, a significant increase from the previously expected growth rate of 6.2%.
Commercial oil reserves were first identified in 2006, but various challenges, including disagreements over development strategies and inadequate infrastructure, have postponed production.
At its peak, Uganda is projected to produce 240,000 barrels of oil per day from its estimated 6.5 billion barrels of reserves.