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Africa > Uganda

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Cover IMF Staff Country Reports
Uganda: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This 2019 Article IV Consultation discusses that Uganda has made impressive development gains and achieved the Millennium Development Goal on halving poverty ahead of schedule. However, going forward, Uganda must create over 600,000 jobs per year to keep up with its growing population, while making further progress on poverty reduction and the Sustainable Development Goals. The authorities’ development strategy centers on infrastructure and a nascent oil sector. If investments proceed as planned, growth could range between 6 and 7 percent over the next five years. It is important to adopt an effective fiscal anchor and strengthen the budget process to become more binding for fiscal outcomes. It is also recommended to support human capital development and make growth more inclusive by improving the efficiency of public services and providing adequate budget allocations for social sectors. The consultation also suggests strengthening implementation and institutions of the governance and anti-corruption framework. Ensure that the Anti-Money Laundering/Countering the Financing of Terrorism regime is brought in line with international standards.
Keywords:
ISCR; CR; exchange rate; government; infrastructure project; Uganda; management practice; debt metrics; DFID balance of payments module 2; Sta mission; oil sector investment; accommodative monetary policy stance; government intervention; Contingent liabilities; Public investment spending; Government debt management; Sub-Saharan Africa; East Africa; Global; Africa
Cover IMF Staff Country Reports
Uganda: Second Review Under the Policy Support Instrument and Request for Waiver of Assessment Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda.
International Monetary Fund
Economic growth has recovered, but higher food and fuel prices have sparked a sharp rise in inflation. Monetary policy has been tightened to contain core inflation and effects of the food and fuel price shocks. The government has allowed for scaling up of infrastructure investment spending. The programmed adjustment of fiscal and monetary policies will help put Uganda on a more sustainable medium-term trajectory. Eliminating tax exemptions and incentives will address the revenue gap. The planned oil revenue management framework is encouraging.
Keywords:
ISCR; CR; authority; fiscal policy; debt; deficit; investment project selection; exchange rate; medium term trade balance deficit; debt-burden indicator; macroeconomic fundamentals; Budget planning and preparation; Oil; Inflation; Global; North Africa; Europe
Cover IMF Working Papers
External Debt Sustainability in HIPC Completion Point Countries: An Update
Jie Yang
and
Dan Nyberg
Despite substantial debt relief to HIPC Initiative completion point countries, long-term debt sustainability remains a challenge. This paper examines a number of structural factors affecting external debt sustainability. It shows that in HIPC completion point countries (i) the export base broadly remains narrow; (ii) fiscal revenue mobilization lags behind in some countries; and (iii) policy and institutional frameworks are still relatively weak. Achieving and maintaining longterm debt sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of new non-concessional borrowing.
Keywords:
WP; HIPC; HIPC country; HIPC Completion point countries; export; HIPC decision point; External Debt Sustainability; HIPCs; Low-Income Countries; HIPC completion; country grouping; HIPC CP country; export diversification; Exports; Debt sustainability; Export diversification; Agricultural commodities; Oil; Global
Cover Regional Economic Outlook, October 2008, Sub-Saharan Africa
Regional Economic Outlook, October 2008, Sub-Saharan Africa
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa's prospects have deteriorated somewhat and the risks have increased, according to this report. Growth in the region is projected to dip to 6 percent in 2008 and 2009. The fall is due mainly to the global food and fuel price shock, which has weighed particularly on growth in oil-importing countries, and to the global financial market turmoil, which has slowed global growth and demand for Africa's exports. Inflation is expected to rise to 12 percent in 2008, mainly on account of the food and fuel price shock. As a result of rising prices, particularly of food, poverty may well be on the increase in 2008. In 2009, inflation should ease to 10 percent, helped by recent commodity price declines. There are significant risks to the outlook related to a potentially deeper and longer period of global financial turmoil and resulting slowdown in global activity, and substantial uncertainty concerning commodity prices.

Keywords:
REO; oil-exporting country; fuel price; oil-importing country; middle-income country; broad money; WEO database; oil importer; oil exporter; price shock; Dem. rep.; trade balance; growth episode; Exchange rate arrangements; Inflation; Conventional peg; Floating exchange rates; Oil; Sub-Saharan Africa; Africa; Global; East Africa; Southern Africa; food price inflation; inflation pressure; Food prices; Income; Terms of trade
Cover Regional Economic Outlook, April 2008, Sub-Saharan Africa
Regional Economic Outlook, April 2008, Sub-Saharan Africa
International Monetary Fund. African Dept.

Abstract

The region's prospects continue to be promising, but global developments pose increased risks to the outlook. Growth in sub-Saharan Africa should again average about 6½ percent in 2008 with oil exporters leading the way; meanwhile, growth in oil importers is expected to taper off, though only modestly. With food and energy prices still rising, inflation is projected to average about 8½ percent this year for countries in the region, setting aside Zimbabwe. Risks in 2008 are tilted to the downside, but the region is better placed today to withstand a worsening of the global environment.

Keywords:
REO; broad money; price; Sub-Saharan Africa; CFA franc; floating exchange rate; nominal GDP; IMF country desk; WEO database; terms of trade; Dem. rep.; Exchange rate arrangements; Inflation; Capital inflows; Exchange rates; Inflation targeting; Africa; Global; Southern Africa; East Africa; oil price; financial market development; managed float; current account; treasury bill market; market volatility; food price inflation; inflation expectation; price pressure; power sector; money target; Capital flows
Cover Regional Economic Outlook, October 2007, Sub-Saharan African
Regional Economic Outlook, October 2007, Sub-Saharan African
International Monetary Fund. African Dept.

Abstract

The region's prospects look strong. Growth in sub-Saharan Africa should reach 6 percent in 2007 and 6¾ percent in 2008. The economic expansion is strongest in oil exporters but cuts across all country groups. This would extend a period of very good performance. In recent years, sub-Saharan Africa has been experiencing its strongest growth and lowest inflation in over 30 years.

Keywords:
REO; Dem. rep.; oil exporter; current account; development expenditure; nonfuel commodity price; terms of trade shock; expenditure program; Fiscal space; Terms of trade; Oil; Medium-term budget frameworks; Sub-Saharan Africa; Africa; Global; West Africa
Cover IMF Staff Country Reports
Rwanda: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria and for Extension of the Arrangement
International Monetary Fund
The Fourth Review Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria for Rwanda are analyzed. The implementation of policies improved considerably in 2004, although economic performance has been adversely affected by exogenous shocks. Strong activity in construction, transport, and communication raised growth to 4 percent, despite major electricity shortages. Macroeconomic and structural policies will aim at enhancing private sector development and accelerating productivity-enhancing strategies. Fiscal policies will focus on supporting macroeconomic stability and improving the quality of spending through a sizable reallocation to priority areas.
Keywords:
ISCR; CR; PRGF arrangement; priority spending; Congo; staff appraisal; Rwandese authorities; UN Security Council; electricity crisis; Exports; Export competitiveness; Africa
Cover Finance & Development
Finance & Development, December 1979
International Monetary Fund. External Relations Dept.
This paper highlights that the fight against worldwide inflation was the main theme of the Finance Ministers and central bank Governors from 138 member countries that participated in the 1979 Annual Meeting of the IMF’s Board of Governors in Belgrade in October 1979. Unlike the agenda for the 1978 Meeting, which contained a number of single issues, such as quota increases and special drawing rights allocations, requiring specific decisions and action, the 1979 Meeting was devoted principally to a wide-ranging discussion of the world’s economic problems.
Keywords:
FD; F&D; country; enterprise; tranche purchase; state; IDA credit; OPEC country; fund activity; development banking; reserve tranche; Offshore financial centers; Oil; Personal income; Oil exports; Agroindustries; East Africa; Global; Western Europe; Africa; Sub-Saharan Africa