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Africa > Uganda

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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
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 Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge; IMF staff calculation; exchange market pressure index; financial support; IMF role; transfer program; international community; financial crisis; financing difficulties; market terms; food price inflation; COVID-19; Oil prices; Debt service; Sub-Saharan Africa; Africa; Global; West Africa; Inflation
Cover IMF Staff Country Reports
Uganda: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This paper analyzes Uganda’s Request for Disbursement Under the Rapid Credit Facility. The Ugandan economy is severely affected by the coronavirus disease 2019 (COVID-19) pandemic. In order to contain the impact of the pandemic, the authorities have increased health spending, strengthened social protection to the most vulnerable, and enhanced their support to the private sector. The Bank of Uganda has appropriately reduced interest rates and provided liquidity to safeguard financial stability, while maintaining exchange rate flexibility. The weakening economic conditions emanating from the Covid-19 pandemic have put significant pressures on revenue collection, expenditure, reserves and the exchange rate, creating urgent large external and fiscal financing needs. The IMF continues to monitor Uganda’s situation closely and stands ready to provide policy advice and further support as needed. The authorities have also committed to put in place targeted transparency and accountability measures to ensure the appropriate use of emergency financing. The IMF’s emergency financial support under the RCF, along with the additional donor financing it is expected to help catalyze, will help address Uganda’s urgent balance of payments and budget support needs.
Keywords:
ISCR; CR; IMF lending tracker; financing; emergency expenditure; emergency financing request; health preparedness plan; IMF's emergency financial support; Credit; Imports; Budget planning and preparation; Global; COVID-19
Cover IMF Staff Country Reports
Republic of South Sudan: Technical Assistance Report-Report on External Sector Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance Mission has been undertaken to support the Bank of South Sudan (BSS) in improving external sector statistics (ESS). The recommendations made during the 2018 mission for the recording of oil exports and transactions with Sudan under the Transitional Financial Agreement were implemented by the BSS. The mission worked toward enhancing the inter-agency cooperation by meeting with selected public sector bodies, providing them with an overview of the balance of payments and the data that the BSS will request from them. Before the end of the mission, requested data from one of the entities, the Civil Aviation Authority was provided. A work program was developed to conduct a visitor expenditure survey and a preliminary International Reserves and Foreign Currency Liquidity template was submitted to IMF’s Statistics Department for review. In order to support progress in the various work areas, the mission recommended a detailed one-year action plan, with the several priority recommendations carrying weight to make headway in improving ESS reliability.
Keywords:
ISCR; CR; center; bill; import invoice; import entry; BSS compiler; BSS staff; balance of payments compiler; goods imports; Imports; External sector statistics; Interest payments; Government debt management; Africa; Fiscal accounting and reporting
Cover IMF Staff Country Reports
Uganda: 2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This 2017 Article IV Consultation highlights that Uganda’s recent economic performance has been sound, notwithstanding a slowdown in growth. Real GDP growth is estimated to have slowed to 3.9 percent in FY2016/17, reflecting domestic factors and external headwinds, including the drought in the Horn of Africa. The banking sector remains well-capitalized overall. However, elevated nonperforming loans have constrained bank lending which contributed to the growth slowdown. Food price inflation increased owing to the drought, but core inflation was 5.1 percent in May 2017, in line with the Bank of Uganda’s target. The outlook is broadly favorable. With steadfast policy implementation and assuming improved weather conditions, growth could accelerate to 5 percent in FY2017/18.
Keywords:
ISCR; CR; core inflation; rate; report; food price inflation; payment arrears; inflation outlook; staff appraisal; Bank of Uganda's Monetary Policy Committee; Arrears; Credit; Sub-Saharan Africa; East Africa; Africa
Cover IMF Staff Country Reports
Uganda: Fourth Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria: Staff Report; Staff Supplement; Press Release
International Monetary Fund
The Fourth Review Under the Policy Support Instrument (PSI) for Uganda highlights that the PSI-supported program is on track. All end-December 2011 quantitative assessment criteria were met, as were most of the structural benchmarks. The stance of macroeconomic policy remains appropriate. Monetary tightening, initiated in July 2011 in response to rising inflation, has been effective in reducing demand and price pressures in the economy. High interest rates supported by tighter fiscal policy have strengthened the currency and raised reserve levels.
Keywords:
ISCR; CR; debt; exchange rate; credit growth; growth; price pressure; IMF's executive board; monetary policy; foreign currency; Debt sustainability analysis; Public and publicly-guaranteed external debt; Oil sector; Global
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 Staff Country Reports
Uganda: Seventh Review Under the Policy Support Instrument, Request for a New Policy Support Instrument and Cancellation of Current Policy Support Instrument: Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda.
International Monetary Fund
This paper discusses key findings of the Seventh Review Under the Policy Support Instrument (PSI) for Uganda. The medium-term outlook for Uganda remains favorable but risks are on the rise. Growth is expected to rebound to its potential in the coming two years on the heels of a supportive fiscal stance and higher global and regional growth. It remains vulnerable to exogenous shocks as well as to election-related uncertainties. IMF staff supports the authorities’ request for a new three-year PSI to anchor their near- and medium-term policies.
Keywords:
ISCR; CR; request; debt; cancellation; Uganda; real GDP; EAC integration agenda; infrastructure development; psi-supported program; NDP objective; authorities' drive; policy support; monetary management; Public and publicly-guaranteed external debt; Global
Cover Departmental Papers
Tanzania: The Story of an African Transition
Mr. Roger Nord
,
Mr. Yuri V Sobolev
,
Mr. David G. Dunn
,
Alejandro Hajdenberg
,
Mr. Niko A Hobdari
,
Samar Maziad
, and
Stéphane Roudet
This volume documents Tanzania’s remarkable turnaround from severe economic distress in 1985, and reviews the economic policies that twenty years later contributed to a successful reversal. Tanzania still faces many policy and reform challenges, despite the many recent economic achievements the country has experienced.
Keywords:
DPPP; DP; government; exchange rate; local government; enterprise; production function; trade diversion; monetary policy; private sector; foreign exchange; economic growth; Trade balance; Sub-Saharan Africa; Africa; Global; Southern Africa