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Africa > Uganda

You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
Uganda: Fourth Review under the Extended Credit Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This paper presents Uganda’s Fourth Review under the Extended Credit Facility Arrangement, the Requests for a Waiver of Nonobservance of a Performance Criterion and Modification of a Performance Criterion and the Financing Assurance Review. The program aims to support the near-term response to the coronavirus disease 2019 pandemic and boost inclusive private sector-led long-term growth. Reforms focus on creating fiscal space for priority social spending, preserving debt sustainability, strengthening governance and reducing corruption, and enhancing the monetary and financial sector frameworks. The Ugandan economy is projected to grow by 5.5 percent in FY 22/23 and 6 percent in FY 23/24. Inflation has been declining and is expected to reach the Bank of Uganda’s medium-term target of 5% core inflation by end-2023. A stronger tightening of global financial conditions would constrain the availability of syndicated loans and weigh on financial sector stability. Fiscal consolidation and tight monetary policy remain essential to keep debt on a sustainable path. Structural reforms will need to continue focusing on strengthening governance and anticorruption frameworks, enhancing domestic revenue mobilization, and boosting financial inclusion.
Keywords:
FX reserves-financed government import; core inflation; steadfast adherence; excise duty regime; monetary policy implementation; Credit; Debt sustainability; Global
Cover IMF Staff Country Reports
Uganda: Second and Third Review under the Extended Credit Facility Arrangement; and Requests for a Waiver of Nonobservance of Performance Criterion and Rephasing of Access; Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Uganda’s Second and Third Reviews under the Extended Credit Facility (ECF) Arrangement, Requests for a Waiver of Nonobservance of Performance Criterion, and Rephasing of Access. The Ugandan authorities are persevering in their reforms despite facing multiple shocks from an unfavorable external environment and new public health challenges. The authorities remain committed to implementing reforms supported by the ECF. Maintaining macroeconomic stability, improving budget composition, and reducing government financing needs will help boost private sector growth and improve people’s livelihoods. Continued resolute and timely implementation of structural reforms, including anticorruption and governance measures, remains key for the success of the program. The Ebola outbreak, rising security challenges, and further spillovers from the war in Ukraine represent the main risks. Uganda’s moderate level of public debt and continued access to concessional financing would provide space to achieve program objectives. A structural benchmark on the asset declaration regime was converted into a prior action for the review and has been met.
Keywords:
data release; energy price shock; staff appraisal; high frequency indicator; core inflation; Inflation; Credit; Imports; Global
Cover IMF Staff Country Reports
Uganda: 2021 Article IV Consultation and First Review under the Extended Credit Facility Arrangement and Requests for Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
The authorities have reacted to the COVID-19 crisis in an appropriate manner, including through increased spending on health and a rollout of the vaccination program. Nevertheless, the deterioration of socio-economic indicators during the pandemic could create scars that would significantly lower growth if left unaddressed.
Keywords:
vis-à-vis nonresident; asset declaration regime; economic reform reform program; business-centric reform; excise duty regime; COVID-19; Credit; Global; Africa
Cover IMF Staff Country Reports
Kenya: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
trading environment; D. policy effort; gender imbalance; wage employment; market share; Exports; Women; Gender inequality; Competition; Global; Africa; East Africa; Southern Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Uganda: Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
The Ugandan authorities reacted swiftly to the COVID-19 crisis, locking down the economy, saving lives and avoiding a public health crisis. However, the resulting economic and social costs have been high. Per capita GDP growth remains below pre-pandemic levels, poverty gains have been reversed, fiscal balances have deteriorated, and pressures on external buffers remain high.
Keywords:
positivity rate; introduced lockdown; lockdown measure; ECF program; cargo truck drivers; pro-business reform; COVID-19; Credit; Debt service ratios; Global; 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 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 Policy Papers
Aid Inflows - The Role of the Fund and Operational Issues for Program Design
International Monetary Fund
The paper focuses on the operational implications of high and volatile aid for the design of Fund-supported programs. It provides a conceptual framework that should guide country teams in giving advice to low-income countries on a case-by-case basis, without specific quantitative performance thresholds for the spending and absorption of additional aid. In doing so, it responds to some of the concerns raised by the Independent Evaluation Office (IEO) in its recent evaluation of the Fund and aid to sub-Saharan Africa
Keywords:
PP; crowding out; fiscal policy; priority spending; Dutch disease; Fund-supported program; monetary management; money supply; aid inflow; aid projection; International reserves; Government debt management; Debt sustainability; Inflation; Africa; Sub-Saharan Africa
Cover IMF Staff Papers
IMF Staff papers: Volume 13 No. 3
International Monetary Fund. Research Dept.
This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in individual countries to domestic and external objectives of economic policy and the attitudes toward the use of various policy instruments remain unchanged, desired reserves would tend to rise chiefly as a result of the increase in the size of expected payments fluctuations. International reserves of all 65 countries of the study rose over the period studied by 2.5 per cent a year. This low rate of increase reflects, however, the large reduction in US reserves. For all countries of the study excluding the United States, the reserves grew by 6.0 per cent a year. Leaving aside the loss of reserves by the United States, reserves of all countries appear, therefore, to have grown roughly in proportion to the value of trade and to the size of payments imbalances.
Keywords:
SP; fund; center; deficit; balance of payments; payments imbalance; export tax; fund member; reserve claim; parity rate; Reserve assets; Tariffs; Gold; Exports; Reserve positions; Africa; Middle East; Asia and Pacific; Western Europe; Europe