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Africa > Uganda

You are looking at 1 - 8 of 8 items for :

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Cover IMF Staff Country Reports
Uganda: Fifth Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This paper presents Uganda’s Fifth Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria. Economic recovery continues to gain strength following a rapid decline in inflation, favorable agriculture and robust industrial and services activity. Fiscal financing and foreign portfolio flows are facing headwinds amid tight global financial conditions and the passage of the Anti-Homosexuality Act in May 2023. The authorities are implementing fiscal consolidation to contain vulnerabilities, maintaining a moderately tight monetary stance in the face of upside risks to inflation and undertaking reforms to improve governance and reduce corruption. All September 2023 quantitative performance criteria were met, as well as most June 2023 indicative targets (ITs). Preliminary data suggest that the December 2023 IT for net credit to government and inflation were met but the IT for net international reserves was missed. Four out of seven structural benchmarks for the current review were met on or before test dates, and one was completed with a delay.
Keywords:
government debt service; inflation risk; excise duty regime; inflation outlook; authorities' effort; ECF program; financing risk; Inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Imports; 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
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
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 Working Papers
Welfare Gains of Aid Indexation in Small Open Economies
Anubha Dhasmana
Foreign aid flows to poor, aid-dependent economies are highly volatile and pro-cyclical. Shortfalls in aid coincide with shortfalls in GDP and government revenues. This increases the consumption volatility in aid dependent countries, thereby causing substantial welfare losses. This paper finds that indexing aid flows to exogenous shocks like a change in the terms of trade can significantly improve the welfare of aid-dependent country by lowering its output and consumption volatility. Compared to the benchmark specification with stochastic aid flows, indexation of aid flows to terms of trade shocks can reduce the cost of business cycle fluctuations in the recipient country by four percent of permanent consumption. Moreover, use of indexed aid can allow donors to reduce the aid flows by three percent without lowering the level of welfare in the recipient country.
Keywords:
WP; business cycle; developing country
Cover IMF Working Papers
Assessing Competitiveness and Real Exchange Rate Misalignment in Low-Income Countries
Mr. Mark W Lewis
,
Ms. Aurelie Martin
, and
Gabriel Di Bella
Assessing a country's competitiveness routinely starts with an analysis of the real exchange rate. However, in low-income countries, empirical analysis of the real exchange rate is often subject to important limitations that seriously weaken the results. This paper summarizes the methodologies used to assess real exchange rate misalignments and discusses the range of obstacles common to low-income countries. Recognizing the importance of using a wide range of indicators for assessing competitiveness in low-income countries, the paper discusses alternative competitive measures and then proposes a template of indicators to allow for a systematic assessment of competitiveness in low-income countries. The template is then used to rank countries according to their competitiveness performance in 2006.
Keywords:
WP; cost; CPI; exchange rate; competitiveness; competitiveness assessment; Equilibrium Exchange Rates; Low-Income Countries; RER chg; RER misalignment; equilibrium RERS; RER depreciation; RER indicator; RER equilibrium; RER assessment; RER adjustment; RER appreciation; Competition; Real exchange rates; Exports; Exchange rates; Terms of trade; Global
Cover IMF Staff Country Reports
Uganda: Background Paper
International Monetary Fund
This Background Paper presents a long-term perspective on investment and output performance in Uganda, beginning after the country gained independence in the early 1960s. Against the background of long-term trends in savings, investment, and output, the paper describes the initial conditions that led to the adoption of adjustment policies. The macroeconomic policy mix, together with important structural policies, is analyzed and the outcomes are assessed for 1987–94, during which Uganda pursued an ongoing adjustment program supported by successive arrangements with the IMF under the structural adjustment facility and the enhanced structural adjustment facility.
Keywords:
ISCR; CR; Uganda; GDP ratio; ratio; fiscal policy; primary sector; growth performance; adjustment effort; structural adjustment; growth process; Uganda shilling; reform agenda; growth potential; physical capital; Domestic savings; Exports; Terms of trade; Consumption; Sub-Saharan Africa
Cover IMF Working Papers
Structural Adjustment, Economic Performance, and Aid Dependency in Tanzania
Isha Agrawal
,
Zafar U. Ahmed
,
Mr. Michael Mered
, and
Mr. Roger Nord
Tanzania’s adjustment program, which began in the mid-1980s, was accompanied by a sharp increase in the levels of foreign assistance. Previous studies, using published data, have not reflected much improvement in economic performance during the reform period. This paper attempts to shed new light on the relationship between adjustment and aid dependency in Tanzania, by adjusting the macroeconomic database to correct for data deficiencies in several important respects. A subsequent comparison with other sub-Saharan African countries shows that, contrary to traditional interpretation, Tanzania’s increased dependence on foreign assistance did not lead to a deterioration in domestic savings performance. Efficiency of investment, however, has been substantially lower in Tanzania.
Keywords:
WP; Tanzania; GDP; structural adjustment; policy stance; current account; economic reform program; Tanzania's economy; saving-investment gap; inflation rate; economic growth rate; structural adjustment program; Tanzanian shilling; Domestic savings; Current account deficits; Exports; Sub-Saharan Africa