This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding compilation of the sectoral balance sheet of other financial corporations using the IMF’s Standardized Report Form (SRF-4SR). The mission’s recommendations are aimed at improving (1) the collection and compilation of monetary and financial statistics based on the IMF’s Monetary and Financial Statistics Manual (MFSM) and (2) the collection of data on intra–East African Community positions with the objective of compiling consolidated regional monetary aggregates. The compilation of monetary statistics and the expansion of its institutional coverage based on the MFSM will improve data quality and usefulness for policy analysis.
The staff report for the First Review under the Policy Support Instrument and Modifications to Assessment Criteria discusses Uganda’s medium-term expenditure framework (MTEF). The MTEF aims at higher public savings based on spending restraint and a rising domestic revenue ratio. The Bank of Uganda (BOU) will rely on a combination of foreign exchange sales and open market operations to sterilize liquidity. Better and more extensive transport networks and expansion of the pool of long-term savings are also critical for sustainable economic growth.
This paper review Uganda’s economic performance under the program supported by the Policy Support Instrument. Despite sluggish growth in credit to the private sector, GDP growth has been supported by the implementation of large public investments. Inflation has started to decelerate toward the medium-term target, allowing for monetary policy easing. Adverse weather developments, regional and global-political and economic uncertainties, and post-election fiscal pressures may challenge the achievement of short-term growth and inflation objectives. However, provided progress on structural reforms is accelerated, the medium-term outlook remains positive, supported by future oil production, increased regional integration and inter-regional trade, and implementation of significant infrastructure projects.
This Report on the Observance of Standards And Codes (ROSC) on data module for Uganda provides an assessment of Uganda’s macroeconomic statistics against the recommendations of the General Data Dissemination System (GDDS) complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. This ROSC data module contains the main observations covering four macroeconomic data sets, namely national accounts, the consumer price index (CPI), government finance statistics (GFS), and balance of payments (BOP). It also provides an overview of the dissemination practices compared with the GDDS.
This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding sectoral financial accounts. The IMF mission reviewed the sectoral financial stocks and transactions data for 2014 and noted that commendable progress has been made in compilation of annual financial accounts. The mission provided suggestions for public release of annual data for the years 2013, 2014, and 2015 by September 30, 2016. The progress on quarterly financial accounts compilation has been slow because source data were not available for some sectors and because of capacity constraints. The IMF mission recommends compilation of these data for internal purposes for sectors and instruments with data availability.
This paper focuses on Uganda’s 2013 Article IV Consultation and Sixth Review Under the Policy Support Instrument, Request for a Three-Year Policy Support Instrument and cancellation of Current Policy Support Instrument. Driven mainly by investment and trade, growth has recovered to about 5 percent, a stronger than expected rebound from the low 3½ percent expansion registered last year. Fast implementation of road construction, the start of operations of the Bujagali hydropower plant, and a good harvest boosted aggregate demand. Envisaged public finance management reforms are set to address the problems of persistent under budgeting, arrears accumulation, and failure to sanction financial irregularities.
This paper focuses on Uganda’s Second Review Under the Policy Support Instrument (PSI) and Request for Modification of Assessment Criteria. Economic performance of Uganda has been broadly favorable. Progress has been made on structural reforms, but further steps are needed. Starting the construction of the two hydropower projects without further delay, approving and regulating the Public Financial Management Bill, and strengthening accounting controls are crucial steps in the reform effort. The expected amendments to the Bank of Uganda Act should support the inflation targeting regime. Based on the proposed policies, the IMF staff supports completion of the second PSI review.
This Technical Assistance Report discusses technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding compilation and dissemination of government finance statistics in accordance with the guidelines of Government Finance Statistics Manual 2001/14. The IMF mission, in collaboration with the Uganda Bureau of Statistics, the Bank of Uganda, and the Ministry of Finance, Planning, and Economic Development, produced a new institutional table that can be further reviewed, adopted, and used as a standard for the entire government of Uganda in the production of statistics. The IMF mission recommends that the government of Uganda continue to disseminate government finance statistics to the IMF and the East African Community and start disseminating a broader range of public sector debt statistics through the World Bank.
This 2015 Article IV Consultation highlights that Uganda’s recent economic performance has been favorable. Real GDP growth is projected at 5.24 percent for FY2014/15 supported by a fiscal stimulus and a recovery in private consumption. Annual core inflation increased to 4.75 percent in May, from very depressed levels, mainly fueled by the shilling depreciation pass-through. The current account deficit is set to widen to about 9 percent of GDP reflecting increasing capital goods imports, but international reserves remain adequate. The outlook is promising. Growth is estimated at 5.75 percent in FY2015/16 and an average 6.25 percent over the medium-term.