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Africa > Uganda

You are looking at 1 - 10 of 12 items for :

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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
Cover Policy Papers
Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform
International Monetary Fund
liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncertainty, marked by frequent episodes of volatility. Demand for liquidity has intensified, in particular from emerging markets, which are experiencing a build-up of vulnerabilities and the depletion of their fiscal buffers. The enhanced GFSN meets only partially this higher demand for liquidity. The IMFC and G20 have called on the Fund to further strengthen the safety net. The uneven use of the Fund’s toolkit for crisis prevention suggests the need to reconsider its design. Despite a major overhaul of the Fund’s lending instruments available for precautionary financing, only a modest number of countries have used them. In particular, the lack of access to a liquidity backstop for members with strong policies—similar to the standing bilateral swap arrangements (BSAs) among central banks—limits the availability of Fund support over the whole duration of the shock during protracted periods of global uncertainty. Moreover, the need to resort to Fund financing still carries a high political cost (stigma) for some members. To enhance further the Fund’s toolkit for crisis prevention, consideration could be given to revisiting the existing toolkit and introducing new instruments. The toolkit could thus be enhanced by: establishing a new facility for precautionary financing that would provide a "standing" liquidity backstop to members with strong fundamentals and policies for use when hit by liquidity shocks; and adjusting the existing toolkit to maintain cohesion. Any change to the Fund toolkit would need to take into account the tradeoffs between reducing stigma and containing moral hazard, while simultaneously safeguarding Fund resources. A Fund policy monitoring instrument could improve the cohesion of the global safety net. As the GFSN has expanded and become more multi-layered, there is a need to improve cooperation across the different layers to unlock financing and signal commitment to reforms. Creating a policy monitoring instrument that is available to all Fund members could help in this regard. Next steps . In light of Directors’ views on these points, staff could come back with subsequent papers that lay out specific and detailed proposals for reforming the lending toolkit. While these papers focus on the GRA lending toolkit, a separate forthcoming paper will assess some aspects of the concessional lending toolkit.
Keywords:
PP; FCL; director; Short-term Liquidity Swap; resource; lending toolkit; review of the Flexible Credit Line; SLS qualification criteria; FCL qualification framework; crisis prevention; Ara metrics; fund resource; Liquidity; Balance of payments need; Lines of credit; Financial safety nets; Crisis prevention; Global
Cover Departmental Papers
A Rebalancing Act for China and Africa: The Effects of China’s Rebalancing on Sub-Saharan Africa’s Trade and Growth
Mr. Roger Nord
and
Ms. Wenjie Chen
How does China’s new growth model affect sub-Saharan Africa? To address this question, this paper first looks at the growing ties between China and Africa; attempts to estimate more precisely the impact on growth through the trade channel; and finally draws some policy implications regarding whether this means an end of the Africa Rising narrative or merely the beginning of a new chapter.
Keywords:
DPPP; DP; center; China; commodity; Sub-Saharan Africa; commodity exporter; China's growth; frontier economy; investment-driven commodities exporter; growth experience; FDI flow; sub-Saharan Africa result; idiosyncratic shock; Bloomberg L.P.; commodity price system; Customs dataset; countries in sub-Saharan Africa; Exports; Commodity prices; Foreign direct investment; Direction of trade; Africa; Global
Cover Departmental Papers
A Work in Progress: Integrating Markets for Goods, Labor, and Capital in the East African Community
Mr. Emre Alper
,
Ms. Wenjie Chen
,
Mr. Jemma Dridi
,
Mr. Herve Joly
, and
Mr. Fan Yang
This paper assesses the extent of economic and financial integration among the East African Community (EAC) along a number of dimensions and, where possible, whether integration has increased in the wake of the major regional integration policy milestones.
Keywords:
DPPP; DP; EAC country; country; Uganda; Kenya; Rwanda; EAC Cm scorecard; partner state; EAC citizen; EAC member states; excl. EAC; EAC secretariat; Imports; Migration; Direction of trade; Tariffs; Capital controls; Sub-Saharan Africa; Africa; North America
Cover IMF Working Papers
Capital Account Openness in Low-income Developing Countries: Evidence from a New Database
Mrs. Sarwat Jahan
and
Daili Wang
The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.
Keywords:
WP; Openness; liberalization; market; Capital account openness; Capital flow management measure; Financial interconnectedness; Low-income developing countries; Capital flows; openness index; capital account; frontier economy; financial market liberalization; index exercise; exchange arrangement; transaction liberalization; Capital account; Capital controls; Foreign direct investment; Capital account liberalization; Asia and Pacific; East Asia; South Asia; Sub-Saharan Africa
Cover Departmental Papers
Foreign Exchange Reserve Adequacy in East African Community Countries
International Monetary Fund
The concomitant external shocks experienced in 2008-09 by the East African Community (EAC) countries of Kenya, Rwanda, Tanzania, and Uganda and stepped-up support by the IMF—including the SDR allocation—and other donors, are likely to arouse renewed interest in the question of the adequate level of international reserves. This paper discusses the evolution of reserve holdings in EAC countries and uses several tools for assessing reserve adequacy in the region. The analysis suggests that reserve levels in most cases seem to include safety buffers, and thus, do not require immediate action. However, the situation could become tighter if export recovery is delayed or export prices do not pick up. Over the medium term, the desirable reserve path should also be adapted to regional and international integration.
Keywords:
DPPP; DP; reserve; special drawing rights; EAC country; exchange rate; SDR allocation; EAC economy; coverage ratio; reserve coverage; IMF resource; Reserve positions; International reserves; Reserves accumulation; Capital flows; Assessing reserve adequacy (ARA); Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Uganda: Selected Issues
International Monetary Fund
This Selected Issues paper on Uganda discusses the progress toward harmonization of capital account regulations and capital market integration. A unified East African Community financial market would offer several benefits to the regional economy. It would expand the opportunities for savings and investment financing, encourage more competition among banks and financial institutions, and lower transaction costs through economies of scale. Greater diversification, risk management, and consumption smoothing would also be possible in a broader financial market, while monetary union would eliminate exchange rate risk within the region.
Keywords:
ISCR; CR; market; Kenya; Uganda; Tanzania; financial market; exchange rate; market capitalization; short term; foreign exchange; capital account; monetary policy; EAC country; long-term debt; EAC member; EAC market; Capital markets; Capital account; Stock markets; Capital account liberalization; Global
Cover IMF Working Papers
The New International Financial Architecture and Africa
Mr. Saleh M. Nsouli
and
Ms. Françoise Le Gall
The new international financial architecture can help African countries benefit from globalization, while minimizing the risks, and foster an environment conducive to increased domestic investment and higher sustained growth. This paper highlights the progress that African countries have made in several areas of the new architecture, but it also underscores the considerable way that these countries must go to meet the requirements of the new architecture.
Keywords:
WP; exchange rate; member country; debt relief; country official; Africa; globalization; international financial architecture; a number of country; NBR power; Poverty reduction strategy; Poverty reduction; Exchange rate arrangements; Capital account; Financial Sector Assessment Program; Sub-Saharan Africa; North Africa; East Asia
Cover External Debt and Capital Flight in Sub-Saharan Africa
External Debt and Capital Flight in Sub-Saharan Africa

Abstract

Mounting external debt and large-scale capital flight have been at the forefront of Africa's economic problems since the 1980s. External Debt and Capital Flight in Sub-Saharan Africa, edited by S. Ibi Ajayi and Mohsin S. Khan, takes a penetrating look at debt and capital flight during the 1990s in Ghana, Kenya, Nigeria, Tanzania, and Uganda. The book describes the size and composition of debt in the selected countries and examines the causes of the debt buildup. It also assesses the extent of capital flight and suggests ways of stemming the flight of financial resources.

Keywords:
BOOK; debt; flight of capital; foreign exchange; structural adjustment; debt problem; capital flight estimate; Capital outflows; Debt burden; Debt service; Sub-Saharan Africa; Africa; Global; East Asia; North Africa; Caribbean
Cover IMF Working Papers
Flight Capital as a Portfolio Choice
Anke Hoeffler
,
Ms. Catherine A Pattillo
, and
Mr. Paul Collier
This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk-adjusted rate of return on capital. We apply the results to four policy questions: how the East Asian crisis affected domestic capital outflows; herd effects; the effect of the IMF-World Bank debt relief initiative for heavily-indebted poor countries (HIPC) on capital repatriation; and why so much of Africa’s private wealth is held outside the continent.
Keywords:
WP; institutional investor; risk rating; increases in capital capital flight; capital flight literature; rate of return; Capital flight; portfolio choice; capital flight share; cline capital flight measure; flight capital; Capital outflows; Stocks; Foreign assets; Real exchange rates; East Asia; Africa; Sub-Saharan Africa; South Asia; Middle East