Uganda plans to cut external budget support by 84.2% year-on-year in the next financial year starting July, the finance ministry said late on Wednesday, amid efforts to ramp up domestic revenues.

In a post on social media platform X, the finance ministry said external budget support, which typically comes in the form of loans and grants, was projected to fall to 330.9-billion shillings ($92.72-million) in the financial year starting July, down from 2.1-trillion shillings a year prior.

The ministry did not give a reason for the reduction but said in the next financial year the government was keen on "implementing strategies to boost domestic revenue mobilisation."

In the 2026/27 financial year domestic revenues are projected to rise 9% to 40.1-trillion shillings, the ministry said.

The East African country, which hopes to commence crude oil production this year, also plans to cut its domestic debt issuance next financial year by 21.1% from the previous period to help trim its ballooning public debt.