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Africa > Uganda

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Cover FinTech Notes
Tokenization and Financial Market Inefficiencies
Itai Agur
,
German Villegas Bauer
,
Tommaso Mancini-Griffoli
,
Maria Soledad Martinez Peria
, and
Brandon Tan
Most financial assets are digital today. Tomorrow, they may be tokenized. Tokenization implies recording and transferring assets on a widely shared and trusted digital ledger that can be programmed. Interest in tokenization is strong and experiments abound, but what are the consequences of this new trend for financial markets? This note introduces a taxonomy and a conceptual framework centered on market inefficiencies to evaluate this question. Some inefficiencies could decline across the asset life cycle. Others would remain, however, and new ones could emerge. Issuing, servicing, and redeeming assets might involve fewer intermediaries and thus become cheaper. The costs of trading assets may also decrease as tokenization lowers some counterparty risks and search frictions and offers flexibility in settlement. Additionally, greater competition among brokers could lower transaction fees. However, tokenization may amplify shocks if it induces institutions to become more interconnected and hold lower liquidity buffers or higher leverage, potentially jeopardizing financial stability. Programs themselves may introduce new risks related to strings of contingent contracts or faulty code. While competition may grow among financial intermediaries, the provision of market infrastructure could become more concentrated due to network effects.
Keywords:
Tokenization; central banks; asset lifecycle; financial markets; financial asset market friction; B. market infrastructure investment externality; financial market inefficiency; IMF Library; Note 2025/001; D. knowledge externality; Bonds; Smart contracts; Securities markets; Liquidity; Blockchain and DLT; Global
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. African Dept.

IMF Country Report No. 24/291
Keywords:
B. monetary policy framework; B. network map analysis; gender outcome; Policy rate in Uganda; UGANDA's monetary policy transmission; Central bank policy rate; Sub-Saharan Africa
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. African Dept.

IMF Country Report No. 24/290
Keywords:
transparency policy; BoU recapitalization; core inflation; expenditure discipline; IMF's article; Oil production; Inflation; International reserves; Fiscal space; Global
Cover IMF Staff Country Reports
Uganda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues Paper analyzes potential macro-financial risks from cross-sectoral exposures in Uganda by leveraging on the Balance Sheet Approach framework. It presents evidence on the macro-financial linkages in Uganda using the Network Map and Financial Input-Output approaches. On the one hand, the Network Map analysis shows the cross-sectoral exposures in which potential build-up of macro-financial vulnerabilities may arise. On the other hand, the Financial Input-Output tool simulates relevant scenarios in the context of Ugandan economy such as currency depreciation and increases in government interest payments on debt held by banks. The purpose of the scenario exercises is to strengthen the monitoring of the developments in key economic sectors in Uganda. While the banking sector, which dominates the Ugandan financial system, remains fundamentally sound, there are pockets of vulnerabilities resulting from the growing sovereign-bank nexus and cross-border exposures of the Near Field Communication technology sector which require close vigilance.
Keywords:
B. monetary policy framework; reducing job search time; policy rate; youth employment trend; NFC sector; C. youth employment trend; Policy rate response; bank Lending rate; Central bank policy rate; Exchange rates; Women; Sub-Saharan Africa
Cover IMF Staff Country Reports
Social and Economic Programs and Gender Inclusion
International Monetary Fund. African Dept.

Across several social and economic dimensions Uganda scores relatively well in sub-Saharan Africa in terms of gender gaps. Yet, despite a progressive institutional framework, women continue facing higher poverty and vulnerability, lower education opportunities, and obstacles to acquiring productive assets. While existing social protection and economic (i.e. poverty-reducing) programs do not show gender exclusion given the need to close the remaining gaps in opportunities and outcomes consideration could be given to strengthening direct gender targeting and increasing programmatic support.
Keywords:
fund staff estimate; OWC program; gender policy framework; NUSAF program; revolving fund; Gender inequality; Financial inclusion; Sub-Saharan Africa
Cover IMF Staff Country Reports
Statment by Mr. Willie Nakunyada and Mr. Mawek Tesfaye Mengistu on Uganda Executive Board Meeting on September 6, 2024
International Monetary Fund. African Dept.

1. Our Ugandan authorities appreciate the constructive engagement with staff and share the thrust of staff's assessment of economic developments and key policy priorities.
Keywords:
monetary policy stance; BoU's monetary policy committee; Financial sector stability; Structural reforms; Inclusive growth; Fiscal consolidation; Global
Cover IMF Staff Country Reports
Uganda: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.

1. Uganda has navigated the post pandemic recovery well. The impacts of the pandemic and Russia’s war in Ukraine have by now largely tapered off: real GDP growth is back to its prepandemic levels, inflation is among the lowest in the region, and fiscal and external balances have seen notable improvements (Text Figure 1). However, Uganda’s gap in real per capita income with other emerging and developing economies continues to widen. Over the last year, external buffers have also declined, denting Uganda’s ability to weather future shocks.
Keywords:
average earnings; IMF obligation; market share; Mt outlook; DRM framework; Gender inequality; Credit
Cover IMF Staff Country Reports
Uganda’s Monetary Policy Transmission
International Monetary Fund. African Dept.

This paper revisits monetary policy transmission in Uganda, focusing on the credit and exchange rate channels. Despite inflation being below the target, the Bank of Uganda has maintained a tight monetary policy stance. The findings support the importance of exchange rate developments in shaping monetary policy actions in Uganda, offering several policy recommendations to further strengthen monetary policy transmission and enhance the inflation targeting framework.
Keywords:
BOU monetary policy committee; monetary policy transmission; exchange rate channel; monetary policy decision; monetary policy shock; Exchange rate policy; Bank credit; Credit
Cover Policy Papers
Macroeconomic Developments and Prospects for Low-Income Countries—2024—Online Annexes
International Monetary Fund
and
World Bank

MACROECONOMIC DEVELOPMENTS AND PROSPECTS FOR LOW-INCOME COUNTRIES—2024—ONLINE ANNEXES

Keywords:
transfer program; poverty alleviation impact; benefit increase scenario; benefit adequacy; benefit level; Poverty reduction
Cover Policy Papers
Macroeconomic Developments and Prospects For Low-Income Countries—2024
International Monetary Fund
and
World Bank
The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Keywords:
Low-Income Countries; Heterogeneity; Debt vulnerability; Resilience building; Inclusive growth towards SDGs; Financing needs and external support; Social Safety Nets; poverty rate; means testing; poverty gap; aggregate poverty gap; SSNS spending; prospects in low-income countries; poverty threshold exit poverty; reform scenario; transparency policy; FAD financing tool; financial support; Poverty reduction; Household consumption; Inflation; Global; Sub-Saharan Africa