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This paper on Uganda discusses Central Bank Transparency Code Review. The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks. The BOU continues to improve communication of its monetary policy framework in a transparent manner, but there is room to enhance transparency by disclosing policy deliberations. The BOU has improved macroprudential policies and the analytical framework aimed at mitigating systemic risks, but decisions leading to macroprudential actions are not explained. The anti-corruption legal framework in Uganda applies to the BOU, however no details are disclosed in the public domain as to how it is applied and enforced with respect to the BOU. The BOU should consider compiling and developing a policy on confidentiality that includes the reasons underlying the choices it has made on disclosure or nondisclosure. The mission found that BOU’s transparency practices largely conform to various dimensions of transparency as information is disseminated through several channels.
1. Our Ugandan authorities appreciate the constructive dialogue with staff during the combined second and third reviews under the Extended Credit Facility (ECF) arrangement. They broadly share staff’s appraisal and policy priorities.
The following data on growth and inflation were released after the issuance of the staff report. The data releases are broadly in line with projections presented in the staff report. This information does not alter the thrust of the staff appraisal.
1. Macro outlook. The recovery from the pandemic is expected to continue, but the outlook has become more challenging in recent months. Growth has slowed because of weakening domestic demand and spillovers from the war in Ukraine. Inflation has increased, reflecting drought and higher imported commodity prices, such as food, fuel and fertilizer. Price pressures have broadened to services and goods beyond fuel and food.
Uganda has achieved significant improvements in public investment management over the last few years. The new IMF Public Investment Management Assessment (PIMA) report shows that Uganda is well ahead of its comparators in many aspects of public investment management, in particular in institutional design. A number of important measures have been undertaken, including giving the Development Committee a strong role as a gatekeeper for new investment proposals, the establishment of the Projects Analysis and Public Investment Department, and development of guidelines and manuals to improve the quality of project preparation and appraisal. Many reforms are fairly recent and are not fully institutionalized, so there is a clear need to continue and to further strengthen public investment management in Uganda. The IMF and other development partners are active partners to the government in pursuing these reforms.