Fitch said it has affirmed
The rating agency forecasts that the accelerated infrastructure investment and renewed foreign investment into the oil sector will result in economic growth of 7% by 2015. However, despite the high GDP growth, per capita income remains low.
The decision to move ahead on the long-delayed 600-MW Karuma and Isimba hydropower dams, which are estimated to cost
Fitch also noted that the development of the hydropower projects has resulted in an upward revision of the budget deficit for FY 2013/2014 to 7.1% of GDP from 5.3%. Total government debt rose to 33.9% of GDP in FY 2013 from 21.0% a year earlier, but remained below the B median of 39.4%. The country is borrowing funds to finance infrastructure investment, which is expected to increase the debt as a percentage of GDP to 35.1% in FY 2014.
Fitch noted that
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