
According to an International Monetary Fund (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%.
After nearly two decades of delays, Uganda is on the verge of beginning the production and export of crude oil next year from its western oil fields.
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.
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