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Africa > Uganda

You are looking at 1 - 6 of 6 items for :

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Cover High-Level Summary Technical Assistance Reports
Uganda: Strengthening the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regime
International Monetary Fund. Legal Dept.
This report summarizes findings and recommendations from a Fund CD mission in Uganda from August 28 to September 1, 2023, in response to a request from the Bank of Uganda (BoU), focusing on AML/CFT measures. Key areas of focus included reviewing the legal and regulatory frameworks, developing operational frameworks for consistent sanction application, and implementing AML/CFT riskrating tools. Recommendations include clarifying roles, strengthening information exchange mechanisms, and enhancing resources for effective AML/CFT supervision to align with Financial Action Task Force (FATF) standards and promote financial integrity.
Keywords:
information exchange mechanism; recommendations from a fund CD mission; money remittance sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Sub-Saharan Africa
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.
The 2024 Article IV Consultation highlights that Uganda has navigated the post pandemic recovery well due to sound macroeconomic policies. The economic recovery is strengthening with low inflation, favorable agricultural production, and strong industrial and services activity. While public debt is sustainable, low tax revenues constrain Uganda’s fiscal policy space. Strengthening domestic revenue mobilization and budgetary and cash management practices are key to securing a durable fiscal space. The Bank of Uganda’s tight monetary policy stance has helped anchor inflation expectations and counter external sector pressures. Going forward, monetary policy should remain data driven to ensure price stability and further financial deepening. Continued flexibility of the exchange rate is important to build up adequate foreign exchange reserves. Uganda should continue its efforts to create fiscal space through revenue mobilization and better expenditure discipline, vigilant monetary policy, and exchange rate flexibility, using future oil revenue to address growth impediments and improve social development while advancing governance reform and financial inclusion. Addressing governance deficiencies and regulatory burdens and enhancing regional trade integration are critical to unlocking Uganda’s growth potential.
Keywords:
IMF staff calculation; NDP IV; inflation expectation; fiscal consolidation effort; core inflation; data dependent; headline inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Debt sustainability; Global; Africa; Middle East
Cover IMF Staff Country Reports
Uganda: Fifth Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This paper presents Uganda’s Fifth Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria. Economic recovery continues to gain strength following a rapid decline in inflation, favorable agriculture and robust industrial and services activity. Fiscal financing and foreign portfolio flows are facing headwinds amid tight global financial conditions and the passage of the Anti-Homosexuality Act in May 2023. The authorities are implementing fiscal consolidation to contain vulnerabilities, maintaining a moderately tight monetary stance in the face of upside risks to inflation and undertaking reforms to improve governance and reduce corruption. All September 2023 quantitative performance criteria were met, as well as most June 2023 indicative targets (ITs). Preliminary data suggest that the December 2023 IT for net credit to government and inflation were met but the IT for net international reserves was missed. Four out of seven structural benchmarks for the current review were met on or before test dates, and one was completed with a delay.
Keywords:
government debt service; inflation risk; excise duty regime; inflation outlook; authorities' effort; ECF program; financing risk; Inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Imports; Global
Cover IMF Staff Country Reports
Uganda: Central Bank Transparency Code Review
International Monetary Fund. Monetary and Capital Markets Department
This paper on Uganda discusses Central Bank Transparency Code Review. The Bank of Uganda (BOU) is implementing transparency practices that are broadly aligned with the good practices for central banks. The BOU continues to improve communication of its monetary policy framework in a transparent manner, but there is room to enhance transparency by disclosing policy deliberations. The BOU has improved macroprudential policies and the analytical framework aimed at mitigating systemic risks, but decisions leading to macroprudential actions are not explained. The anti-corruption legal framework in Uganda applies to the BOU, however no details are disclosed in the public domain as to how it is applied and enforced with respect to the BOU. The BOU should consider compiling and developing a policy on confidentiality that includes the reasons underlying the choices it has made on disclosure or nondisclosure. The mission found that BOU’s transparency practices largely conform to various dimensions of transparency as information is disseminated through several channels.
Keywords:
BOU website; BOU communications policy; transparency practice; BOU endeavor; BOU transparency; BOU department; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Revenue administration transparency and accountability; Macroprudential policy; International reserves; Global
Cover IMF Working Papers
Macro-Fiscal Management Practices in Eastern and Southern Africa
Mr. Ian Lienert
This paper examines the institutional arrangements of the macro-fiscal function in 16 African countries. Most ministries of finance (MoFs) have established a macro-fiscal department or unit, but their functions, size, structure and outputs vary considerably. Based on a survey, we present data on staff size, functional scope and the forecasting performance of macro-fiscal departments and identify common challenges in the countries reviewed. Some MoFs perform many macro-fiscal functions, but actions of various kinds are needed to strengthen their macro-fiscal departments. This paper provides some guidance for policy-makers in the region for enhancing the quality and scope of macro-fiscal outputs.
Keywords:
macro-fiscal; macroeconomic; fiscal; function; medium-term; annual; forecasts; projections; policy analysis; fiscal strategy; ministry of finance; organizational; WP; MFD staff; MFD output; MFD characteristic; MFD director; MFDS monitor debt development
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