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International Monetary Fund. African Dept.

The authorities have reacted to the COVID-19 crisis in an appropriate manner, including through increased spending on health and a rollout of the vaccination program. Nevertheless, the deterioration of socio-economic indicators during the pandemic could create scars that would significantly lower growth if left unaddressed.

International Monetary Fund. Statistics Dept.
This Technical Assistance Mission has been undertaken to support the Bank of South Sudan (BSS) in improving external sector statistics (ESS). The recommendations made during the 2018 mission for the recording of oil exports and transactions with Sudan under the Transitional Financial Agreement were implemented by the BSS. The mission worked toward enhancing the inter-agency cooperation by meeting with selected public sector bodies, providing them with an overview of the balance of payments and the data that the BSS will request from them. Before the end of the mission, requested data from one of the entities, the Civil Aviation Authority was provided. A work program was developed to conduct a visitor expenditure survey and a preliminary International Reserves and Foreign Currency Liquidity template was submitted to IMF’s Statistics Department for review. In order to support progress in the various work areas, the mission recommended a detailed one-year action plan, with the several priority recommendations carrying weight to make headway in improving ESS reliability.
International Monetary Fund. Statistics Dept.

Abstract

The 2018 Annual Report of the IMF Committee on Balance of Payments Statistics provides an overview of trends in global balance of payments statistics.

International Monetary Fund. African Dept.
The economy has performed reasonably well in a complex environment. Growth slowed marginally in FY15/16, reflecting muted sentiment in an election year and adverse global and regional developments. Growth should nudge up in FY16/17 to 5 percent, low compared to past performance and regional peers. Credit to the private sector has stalled, and non-performing loans (NPLs) have increased, also reflecting domestic government arrears. The current account deficit is fully financed. The Shilling has stabilized after a sharp depreciation in 2015, and international reserve coverage remains adequate.
International Monetary Fund. African Dept.

The economy has performed reasonably well in a complex environment. Growth slowed marginally in FY15/16, reflecting muted sentiment in an election year and adverse global and regional developments. Growth should nudge up in FY16/17 to 5 percent, low compared to past performance and regional peers. Credit to the private sector has stalled, and non-performing loans (NPLs) have increased, also reflecting domestic government arrears. The current account deficit is fully financed. The Shilling has stabilized after a sharp depreciation in 2015, and international reserve coverage remains adequate.

International Monetary Fund. African Dept.
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.
International Monetary Fund. African Dept.

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 towards the medium-term target, allowing for monetary policy easing. Improved market sentiment on domestic policies helped stabilize the shilling. International reserves remain adequate.