Although Uganda’s debt burden, which stood at 47.1% of GDP in FY 2022/2023 is below the median of B-rated peers (53.1% of GDP), the weighted average interest rate for Uganda’s total debt stood at 7.3% as of December 2023, having risen from 6.4% in June 2022 and 5.6% in June 2019.  The country’s net domestic financing amounted to 3.6% of GDP annually between fiscal 2020 and fiscal 2023 on average, compared to 1.4% of GDP over the preceding four fiscal years, according to the rating note.