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Africa > Uganda

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Cover Technical Assistance Reports
Front Matter
International Monetary Fund. Fiscal Affairs Dept.
Keywords:
development program; United Nations population fund; Uganda shilling; IMF executive directors; SDG index; Sustainable Development Goals (SDG); Electricity; Global
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
Reducing Informality to Raise Productivity and Promote Inclusion in Uganda
International Monetary Fund. African Dept.

This paper leverages the 2015 International Labor Organization (ILO) School to Work Transition Survey (SWTS) for Uganda to examine the determinants facilitating the transition of youth workers from informal to formal employment. SWTS enables analysis using micro data pertaining to youth’s prevailing conditions. The analysis indicates that fostering private sector led growth, investing in education and skills development, implementing targeted programs and, advancing gender parity are essential strategies to mitigate informality.
Keywords:
employment opportunity; youth labor market experience; School to Work Transition Survey; job quality; employment outcome; Employment; Informal employment; Labor markets; 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 Working Papers
E-Money and Monetary Policy Transmission
Zixuan Huang
,
Amina Lahreche
,
Mika Saito
, and
Ursula Wiriadinata

E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.

Keywords:
e-money development; e-money intensity; monetary policy transmission; e-money regulation; transactions soaring; Financial inclusion; Central bank policy rate
Cover IMF Working Papers
E-Money and Monetary Policy Transmission
Zixuan Huang
,
Amina Lahreche
,
Mika Saito
, and
Ursula Wiriadinata
E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.
Keywords:
Monetary policy transmission; banks; nonbank financial institutions; e-money; panel data; e-money development; e-money issuer; e-money intensity; E-Money intensity; Financial inclusion; Central bank policy rate; Deposit rates; Bank credit; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Statement by Mr. Willie Nakunyada and Ms. Gonaya Basutli on Uganda March 6, 2024
International Monetary Fund. African Dept.

Introduction

Keywords:
ECF arrangement; governance reform; Anti-money laundering and combating the financing of terrorism (AML/CFT); Inclusive growth; Inflation; Global
Cover IMF Working Papers
Front Matter
Felix F. Simione
and
Tara S Muehlschlegel
Keywords:
selected indicator; money usage; Mobile banking; Remittances; Financial inclusion; Africa
Cover IMF Working Papers
Mobile Money, Perception about Cash, and Financial Inclusion: Learning from Uganda’s Micro-Level Data
Felix F. Simione
and
Tara S Muehlschlegel
Will mobile money render cash less dominant over time in Africa? Can it promote financial inclusion? We shed light on these questions by exploring individual-level and nationally representative survey data for Uganda, a country in a region that pioneered mobile money in the world. We use the Propensity Score Matching method to robustly compare mobile money users and non-users across a range of indicators that capture individuals’ perceptions about cash, and the extent to which they remit, save, and borrow money. We present the first evidence that mobile money users, compared to non-users, are more likely to perceive cash as risky and less likely to prefer carrying large amounts of cash. We also confirm that mobile money users are more likely to receive and send remittances, save, and borrow. They also save and borrow larger amounts.
Keywords:
Developing Country; Innovation; Digital Divide; money usage; selected indicator; Propensity Score Matching method; usage treatment; deposit balance; Mobile banking; Remittances; Financial inclusion; Digital financial services; Consumer credit; Africa; Sub-Saharan Africa