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Africa > Uganda

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Cover IMF How To Notes
How to Develop and Implement a Medium-Term Fiscal Framework
Teresa R Curristine
,
Isabell Adenauer
,
Virginia Alonso-Albarran
,
John Grinyer
,
Koon Hui Tee
,
Claude P Wendling
, and
Delphine Moretti
This Note provides guidance on developing and implementing a medium-term fiscal framework (MTFF). MTFFs aim to promote fiscal discipline and sustainability, transparency, and better-informed fiscal decisions. An MTFF comprises a set of institutional arrangements for prioritizing, presenting, reporting, and managing fiscal aggregates - revenue, expenditure, balance, and debt - generally over a three-to-five-year period. It incorporates a fiscal strategy, medium-term projections of key macroeconomic variables and fiscal aggregates, and ceilings on total expenditure to guide subsequent annual budgets. By introducing a medium-term perspective into fiscal and budgetary decision making, MTFFs provide a clearer understanding of the impact, trade-offs, and risks of policy choices. MTFFs contribute to enhancing transparency and accountability by communicating the government’s medium-term fiscal goals, policies, and fiscal performance. Ultimately, clarity on medium-term fiscal plans and on their effective implementation can bolster confidence in the government’s ability to manage its finances prudently and competently. In addition to providing guidance on how to design an MTFF and the institutional and technical arrangements needed to support implementation, the Note discusses key challenges and presents country examples from across the globe by income group and concludes with lessons learned.
Keywords:
fiscal frameworks; fiscal planning; budget cycles; MTFF; medium-term fiscal framework; emerging market economy country example; MTFF specification; koon hui tee; MTFF projection Tool; MTFF time horizon; Budget planning and preparation; Fiscal rules; Fiscal risks; Caribbean
Cover IMF Staff Country Reports
Kenya: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper examines tax policy and administrative changes in Eastern African Community (EAC) countries with a view to benchmark Kenya’s experience and draw lessons for future tax reforms. Using granular data from a new IMF database on tax measures announced during 1988–2022, it concludes that EAC policymakers frequently changed their tax system and administrations by announcing tax packages that typically consisted of measures to narrow the tax base and strengthen tax administrative practices. Kenya appeared to be one of the EAC countries that most frequently announced and introduced such changes, which might have played a significant role in explaining the reduction in the tax-to-gross domestic product ratio experienced by the country since 2014. The conclusions of this note are subject to caveats, as the frequency of tax measures is not an indicator of the actual revenue impact of such measures. Looking at the frequency of changes, however, can help identify reform episodes providing a sense of their duration and comprehensiveness.
Keywords:
public sector balance sheet methodology; exchange rate shock; public sector balance sheet vulnerability; public sector balance sheet approach; HM Treasury; EAC policymaker; Tax-to-GDP ratio; Financial statements; Exchange rates; Public sector; Fiscal risks; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report discusses options to revamp the 2013 Fiscal Responsibility Act (FRA), taking into account the challenges posed by the current context in Maldives. The government has not met the FRA’s numerical targets for fiscal deficits and public debt. In order to ensure fiscal sustainability and enhance transparency, the Maldivian authorities are committed to introducing a new FRA in 2021. The Government needs firm and credible targets for debt and fiscal deficits in its debt-reduction efforts; however, past experiences of noncompliance with the numerical fiscal rules has undermined its credibility. A principles-based approach, accompanied by strong accountability requirements, would provide the authorities with the flexibility to respond to adverse macroeconomic developments. The new FRA would clearly define the specific roles of Parliament and the Auditor General in the fiscal responsibility framework. This report suggests enhancing fiscal oversight by strengthening the role of Parliament and the Auditor General. The report also identifies several areas of public financial management that should be addressed in other PFM laws for the successful implementation of the new FRA.
Keywords:
Maldivian authorities; government document; draft FRA need; documentation requirement; FRA draft; government finance statistics manual; Budget planning and preparation; Fiscal reporting; Fiscal risks; Australia and New Zealand; South Asia
Cover IMF Staff Country Reports
Ghana: Selected Issues Paper
International Monetary Fund. African Dept.
This Selected Issues paper discusses growth strategy for Ghana. Ghana has achieved impressive development gains over the last decades, with rising incomes, lower poverty, and better health, education, and gender outcomes. However, growth has recently become less inclusive, with high inequality and slower poverty reduction. In order to address these challenges, the authorities are pursuing a “Ghana beyond Aid” development strategy centered around agricultural modernization and export-led industrialization. Accelerating productivity growth calls for fostering competition, improving the business environment, strengthening human capital, taking advantage of growing regional markets and industrial policies that prioritize sectors that can export and innovate and where Ghana could achieve economies of scale. Consistent and predictable government policies can help increase long-term investment and improve public spending effectiveness. A key lesson from growth accelerations in other countries is that it is crucial to achieve economies of scale. In most cases, rapid economic growth required achieving export success in specific sectors.
Keywords:
ISCR; CR; Ghana; asset; bank; industry; liability; per capita income; public sector; bank intermediation cost; structural change; gas assets; banking system; extractive industry; processing industries in Ghana; value chain; exposure to the commodity cycle; government balance sheet; bank profitability; Financial statements; Public sector; Commercial banks; Business enterprises; Nonperforming loans; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Statement by Mr. Mahlinza, Executive Director for Uganda and Ms. Gasasira-Manzi, Senior Advisor to the Executive Director May 1, 2019
International Monetary Fund. African Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda

Keywords:
ISCR; CR; exchange rate; government; infrastructure project; Uganda; management practice; good weather; Infrastructure; Inflation
Cover IMF Staff Country Reports
Uganda: Selected Issues
International Monetary Fund. African Dept.

Selected Issues

Keywords:
ISCR; CR; Uganda; debt; IMF-World Bank debt sustainability framework; baseline debt projection; exchange rate; interest rate; PSI period; PSI projection; PSI review; definition of advance; PSI's definition; Inflation targeting; Oil; Structural reforms; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Uganda: Staff Report For The 2017 Article IV Consultation And Eighth Review Under The Policy Support Instrument—Informational Annex
International Monetary Fund. African Dept.

2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director Uganda

Keywords:
ISCR; CR; core inflation; rate; report; DFID balance of payments module 2; EAC trade discrepancy; TA mission; GFS Workshop; rates of treasury bills; Government finance statistics; Government cash management; Producer price indexes; Exchange rate arrangements; Financial soundness indicators
Cover IMF Staff Country Reports
IMF Executive Board Completes Sixth PSI Review for Uganda and Approves One-Year Extension of the Program
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.

Keywords:
ISCR; CR; monetary policy easing; Act amendment; Uganda's economy
Cover IMF Staff Country Reports
IMF Executive Board Completes Fifth PSI Review for Uganda
International Monetary Fund. African Dept.

The economy has fared well in a difficult environment. A large exchange rate depreciation fueled inflation prospects and prompted sharp monetary tightening. Credit deceleration and weakened confidence linked to the proximity of the election slowed private activity, but growth was supported by dynamic public investment. International reserves remained comfortable. Program performance under the PSI was generally positive. All end-June and continuous quantitative assessment criteria (QAC) were observed, with one exception, and so were most indicative targets (ITs). Inflation remained within the bands of the consultation clause. An unprecedented increase in tax revenue was a key achievement. However, further progress on structural reforms is needed

Keywords:
ISCR; CR; policy credibility; GDP; core inflation; Inflation; Currency markets; Fiscal stimulus; Foreign exchange purchases; Global
Cover IMF Staff Country Reports
Zambia: Technical Assistance Report-Towards an Integrated Legal Framework for Public Financial Management
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report proposes a roadmap for completing the process of drafting and adopting an Integrated Legal Framework for Public Financial Management (PFM) in Zambia. The legal framework for PFM in Zambia is fragmented, and much of it is outdated. The government has prioritized a revision of the existing legal framework for PFM and national development planning. This revision will permit a range of important PFM reforms that are ongoing or planned to be incorporated within the legal framework. An updated legal framework would also permit other important improvements in current practices to be incorporated.
Keywords:
ISCR; CR; public finance; oversight role; government list; MoF officer; sanctions regime; terms and conditions; annual budget; cash management; financial year; central government; government payment; government budget; government policy; fiscal strategy statement; Budget planning and preparation; PFM legal and regulatory frameworks; Legal support in revenue administration; Budget execution and treasury management; Africa