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Africa > Uganda

You are looking at 1 - 10 of 32 items for :

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Cover IMF Staff Country Reports
Kenya: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper examines tax policy and administrative changes in Eastern African Community (EAC) countries with a view to benchmark Kenya’s experience and draw lessons for future tax reforms. Using granular data from a new IMF database on tax measures announced during 1988–2022, it concludes that EAC policymakers frequently changed their tax system and administrations by announcing tax packages that typically consisted of measures to narrow the tax base and strengthen tax administrative practices. Kenya appeared to be one of the EAC countries that most frequently announced and introduced such changes, which might have played a significant role in explaining the reduction in the tax-to-gross domestic product ratio experienced by the country since 2014. The conclusions of this note are subject to caveats, as the frequency of tax measures is not an indicator of the actual revenue impact of such measures. Looking at the frequency of changes, however, can help identify reform episodes providing a sense of their duration and comprehensiveness.
Keywords:
public sector balance sheet methodology; exchange rate shock; public sector balance sheet vulnerability; public sector balance sheet approach; HM Treasury; EAC policymaker; Tax-to-GDP ratio; Financial statements; Exchange rates; Public sector; Fiscal risks; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Uganda: Fifth Review Under the Policy Support Instrument and Request for Waiver of an Assessment Criterion and Modification of Assessment Criteria-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Uganda’s Fifth Review Under the Policy Support Instrument (PSI) and Request for Waiver of an Assessment Criterion and Modification of Assessment Criteria. The economy of Uganda has fared well in a difficult environment. Program performance under the PSI was generally positive. All end-June and continuous quantitative assessment criteria were observed, with one exception, and so were most indicative targets. Inflation remained within the bands of the consultation clause. An unprecedented increase in tax revenue was a key achievement. However, further progress on structural reforms is needed. The authorities are rightly adjusting the policy mix. The IMF staff recommends completing the fifth review under the PSI.
Keywords:
ISCR; CR; policy credibility; GDP; core inflation; policy efficacy; supply and use tables; East AFRITAC; compilation methodology; shilling depreciation; Depreciation; Inflation; Global
Cover The Quest for Regional Integration in the East African Community
The Quest for Regional Integration in the East African Community
Mr. Paulo Drummond
,
Mr. S. K Wajid
, and
Mr. Oral Williams

Abstract

The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonization of supervisory arrangements and practices and the modernization of monetary policy frameworks. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are important reforms that should foster regional integration.

Keywords:
BOOK; East African Community; monetary policy; country; market; EAC country; financial market; convergence criteria; EAC member states; market infrastructure; Monetary unions; Exchange rates; Real exchange rates; Currencies; Stock markets; Global; Sub-Saharan Africa; West Africa; East Africa; Africa; EAC region; EAC banking systems; resident representative; Exchange rate flexibility
Cover IMF Working Papers
The East African Community: Prospects for Sustained Growth
Ms. Catherine McAuliffe
,
Ms. Sweta Chaman Saxena
, and
Mr. Masafumi Yabara
The East African Community (EAC) has been among the fastest growing regions in sub-Saharan Africa in the past decade or so. Nonetheless, the recent growth path will not be enough to achieve middle-income status and substantial poverty reduction by the end of the decade—the ambition of most countries in the region. This paper builds on methodologies established in the growth literature to identify a group of countries that achieved growth accelerations and sustained growth to use as benchmarks to evaluate the prospects, and potential constraints, for EAC countries to translate their recent growth upturn into sustained high growth. We find that EAC countries compare favorably to the group of sustained growth countries—macroeconomic and government stability, favorable business climate, and strong institutions—but important differences remain. EAC countries have a smaller share of exports, lower degree of financial deepening, lower levels of domestic savings, higher reliance on donor aid, and limited physical infrastructure and human capital. Policy choices to address some of these shortcomings could make a difference in whether the EAC follows the path of sustained growth or follows other countries where growth upturns later fizzled out. 
Keywords:
WP; EAC country; EAC member; growth acceleration; EAC economy; EAC growth; Accelerated growth; sustained growth; benchmarking; East African Community; sub-Saharan Africa; EAC integration; exchange rate; private sector; common market; Exports; Financial sector; Government debt management; Productivity; Real exchange rates; Africa; Global
Cover IMF Staff Country Reports
Rwanda: 2010 Article IV Consultation and First Review Under the Policy Support Instrument-Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Rwanda.
International Monetary Fund
Satisfactory implementation of the economic program supported by the Policy Support Instrument has helped Rwanda during the global economic downturn. The program focuses on maintaining a sustainable fiscal position; strengthening monetary and exchange rate policies; and supporting growth with structural reforms to diversify the export base and improve the business environment. The authorities are committed to assess the inflation to safeguard the gains made in macroeconomic stability that currently underpin the economic recovery. Executive Directors emphasized the need to maintain macroeconomic stability to achieve sustainable growth.
Keywords:
ISCR; CR; modification of assessment criteria; modification; authority; aid dependency; fiscal policy; inflation outlook; Rwandan authorities; development program; Credit; Monetary base; Exchange rates; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Uganda: Sixth Review Under the Policy Support Instrument and Request for an Extension of the Policy Support Instrument-Staff Report; 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 Sixth Review for Uganda Under the Policy Support Instrument. Structural rigidities continue to pose challenges to macroeconomic management in Uganda. Persistent weaknesses in project implementation coupled with rigidities in domestic financial markets limited the scope for fiscal and monetary stimulus in 2008/09. Progress with structural reforms has been uneven and may not have kept pace with the needs raised by the public investment drive. Macroeconomic policies will continue to aim at overcoming infrastructure bottlenecks while mitigating the impact of external shocks on domestic activity.
Keywords:
ISCR; CR; liquidity management framework; headline inflation; management; market; Uganda's PSI; IMF's framework; program goal; X. exchange rate arrangement; fiscal year; NDP objective; monetary management; upstream JSAN; terms of trade; Public investment and public-private partnerships (PPP); Exchange rates; Infrastructure; Public investment spending; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Uganda: Fifth Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria: Staff Report; and Press Release
International Monetary Fund
This paper discusses key findings of the Fifth Review under the policy support instrument for Uganda. Strong fundamentals and prudent economic policies of the past give Uganda scope to implement measured countercyclical policies without undermining macroeconomic stability. Monetary policy has been gradually eased in the face of the dry-up in private external financing. In spite of the slowdown-induced shortfall in tax revenue, the fiscal authorities are committed to accelerate and improve execution of investment spending to provide a positive impulse to growth and remove critical bottlenecks.
Keywords:
ISCR; CR; PSI-supported program; IMF's framework; growth; financial system; Uganda's PSI; core inflation; financial crisis; FAD mission; Budget planning and preparation; International reserves; Credit; Global
Cover IMF Staff Country Reports
Uganda: 2008 Article IV Consultation and Fourth Review Under the Policy Support Instrument: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
The staff report for Uganda’s combined 2008 Article IV Consultation and Fourth Review Under the Policy Support Instrument is presented. Building on a foundation of two decades of sound policies, Uganda achieved an impressive economic performance, with high growth, low inflation, and steady poverty reduction. The deteriorating economic environment could expose weaknesses in banks’ risk management practices, gaps in home-host supervisory arrangements, operational risks as financial innovation outpaces banks’ systems and controls, and increasing risk appetite owing to intensifying competition from the surge of new banks.
Keywords:
ISCR; CR; pose downside risk; Uganda; debt; monetary policy; Uganda's economy; fiscal policy tool; IMF's framework; inflation trend; Exchange rates; Monetary statistics; Global; Sub-Saharan Africa; Africa
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
Cover IMF Staff Country Reports
Uganda: Third Review Under the Policy Support Instrument and Request for Waiver and Modification of Assessment Criteria-Staff Report; 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 Third Review Under the Policy Support Instrument for Uganda. All end-December 2007 assessment criteria were met. Macroeconomic performance remains strong and the growth outlook remains positive. IMF staff supports the authorities’ request for waivers of nonobservance of four structural assessment criteria for end-May and end-June 2008. Nonobservance of these assessment criteria was largely owed to changes in program design in light of new information and reassessment of costs and priorities that do not compromise the integrity of the program.
Keywords:
ISCR; CR; request; request for waiver; waiver; authority; implementation capacity; world fuel; financial market instability; modification of assessment criteria; Arrears; Monetary base; Current spending; Global