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Africa > Uganda

You are looking at 1 - 10 of 18 items for :

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  • Macroeconomics and Monetary Economics x
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Cover IMF Staff Country Reports
Uganda: Technical Report - Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
Uganda has achieved significant improvements in public investment management over the last few years. The new IMF Public Investment Management Assessment (PIMA) report shows that Uganda is well ahead of its comparators in many aspects of public investment management, in particular in institutional design. A number of important measures have been undertaken, including giving the Development Committee a strong role as a gatekeeper for new investment proposals, the establishment of the Projects Analysis and Public Investment Department, and development of guidelines and manuals to improve the quality of project preparation and appraisal. Many reforms are fairly recent and are not fully institutionalized, so there is a clear need to continue and to further strengthen public investment management in Uganda. The IMF and other development partners are active partners to the government in pursuing these reforms.
Keywords:
IMF methodology; Project cost adjustment; efficiency frontier; investment portfolio; IMF recommendation; maintenance funding; management reform; civil war; Public investment spending; Budget planning and preparation; Infrastructure; Sub-Saharan Africa
Cover IMF Staff Country Reports
Uganda: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
E. inflation outlook; Core CPI inflation; neutral rate; climate change event; parameter value; Natural disasters; Climate change; Inflation; Infrastructure; Monetary stance; Global; Sub-Saharan Africa
Cover Regional Economic Outlook, April 2020, Sub-Saharan Africa
Regional Economic Outlook, April 2020, Sub-Saharan Africa
COVID-19: An Unprecedented Threat to Development
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is facing an unprecedented health and economic crisis that threatens to throw the region off its stride, reversing the encouraging development progress of recent years. Furthermore, by exacting a heavy human toll, upending livelihoods, and damaging business and government balance sheets, the crisis threatens to retard the region’s growth prospects in the years to come. Previous crises tended to impact affect countries in the region differentially, but no country will be spared this time.

Keywords:
REO; IMF staff calculation; economic activity; Sub-Saharan Africa; price; forest cover increases rainwater infiltration; World Bank enterprise survey; submarine cable; climate change challenge; terms of trade; tech firm; climate change Policy Assessment; sub-Saharan Africa use email; financing adaptation; rainfall anomaly; Natural disasters; Climate change; Infrastructure; Digitalization; Africa; Global; Southern Africa; East Africa
Cover Regional Economic Outlook, April 2020, Sub-Saharan Africa
Regional Economic Outlook, April 2020, Sub-Saharan Africa
International Monetary Fund. African Dept.

Abstract

To come when report is received.

Keywords:
REO; IMF staff calculation; economic activity; Sub-Saharan Africa; price
Cover IMF Staff Country Reports
Rwanda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyzes investment strategy to foster structural transformation in Rwanda. Over the past 15 years, Rwanda has transformed its economy by moving workers out of agriculture into mostly services and some industry. This has been accomplished through strong public investment flows and efficient public investment management. Going forward, the challenge is whether the private sector can complement the infrastructure assets put in place by the public sector and maintain economic momentum. It will also require continued effort by the government in raising education standards, better matching qualifications offered to students to those most in demand by employers, and lowering electricity and transportation costs.
Keywords:
EAC gender inequality indicator; banking sector soundness indicator map; UN gender inequality Index; D. gender equality in Rwanda; private sector credit; C. gender inequality; Gender inequality; Women; Financial inclusion; Agricultural sector; Sub-Saharan Africa; Global; Africa
Cover IMF Working Papers
Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method
Ms. Monique Newiak
and
Tim Willems
We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, “PSIs”). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck – thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.
Keywords:
WP; adverse selection; absolute value; International Monetary Fund; Program-evaluation; Economic growth; Inflation; Investment; IMF operations; IMF loan-participation rate; treatment effect; IMF's executive board; PSI review; traditional IMF program; structural adjustment; causal effect of IMF-program; effectiveness of IMF-program; adoption of an IMF-program; types of IMF-engagement; Stocks; Consumer price indexes; Sub-Saharan Africa
Cover IMF Research Bulletin
IMF Research Bulletin, March 2016
International Monetary Fund. Research Dept.
The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are “Explaining the Recent Slump in Investment” (Mathieu Bussiere, Laurent Ferrara, and Juliana Milovich) and “The Quest for Stability in the Housing Markets” (Hites Ahir). The Q&A column reviews “Seven Questions on Estimating Monetary Transmission Mechanism in Low-Income Countries” (Bin Grace Li, Christopher Adam, and Andrew Berg). Also included in this issue are updates on the IMF’s official journal, the IMF Economic Review, and recommended readings from IMF Publications.
Keywords:
IRB; IMF research bulletin; journal website; economy; research journal; open economy macroeconomics; journal of the International Monetary Fund; small middle-income countries; Housing prices; Macroprudential policy; Private investment; Monetary transmission mechanism; Housing; Global; Sub-Saharan Africa; West Africa; Europe
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 IMF Working Papers
The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios
Mr. Rafael A Portillo
,
Mr. Andrew Berg
,
Jan Gottschalk
, and
Luis-Felipe Zanna
We develop a model to analyze the macroeconomic effects of a scaling-up of aid and assess the implications of different policy responses. The model features key structural characteristics of low-income countries, including varying degrees of public investment efficiency and a learning-by-doing (LBD) externality that captures Dutch disease effects. On the policy front, it distinguishes between spending the aid, which is controlled by the fiscal authority, and absorbing the aid - financing a higher current account deficit - which is influenced by the central bank's reserve accumulation policies. We calibrate the model to Uganda and run several experiments. We find that a policy mix that results in full spending and absorption of aid can generate temporary demand and real exchange rate appreciation pressures, but also have a positive effect on real GDP in the medium term, through higher public capital. Full spending with partial absorption, on the other hand, may stem appreciation pressures but can also induce adverse medium-term real GDP effects, through private sector crowding out. When aid is very inefficiently invested and there are strong LBD externalities, aid can be harmful, and partial absorption policies may be justified. But in this case, a welfare improving solution is to defer spending or - even better if possible - raise its efficiency.
Keywords:
WP; central bank; exchange rate; government spending
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