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Africa > Uganda

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

  • Type: Journal Issue x
  • Debts, External x
  • Fiscal policy x
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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: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This 2019 Article IV Consultation discusses that Uganda has made impressive development gains and achieved the Millennium Development Goal on halving poverty ahead of schedule. However, going forward, Uganda must create over 600,000 jobs per year to keep up with its growing population, while making further progress on poverty reduction and the Sustainable Development Goals. The authorities’ development strategy centers on infrastructure and a nascent oil sector. If investments proceed as planned, growth could range between 6 and 7 percent over the next five years. It is important to adopt an effective fiscal anchor and strengthen the budget process to become more binding for fiscal outcomes. It is also recommended to support human capital development and make growth more inclusive by improving the efficiency of public services and providing adequate budget allocations for social sectors. The consultation also suggests strengthening implementation and institutions of the governance and anti-corruption framework. Ensure that the Anti-Money Laundering/Countering the Financing of Terrorism regime is brought in line with international standards.
Keywords:
ISCR; CR; exchange rate; government; infrastructure project; Uganda; management practice; debt metrics; DFID balance of payments module 2; Sta mission; oil sector investment; accommodative monetary policy stance; government intervention; Contingent liabilities; Public investment spending; Government debt management; Sub-Saharan Africa; East Africa; Global; Africa
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: 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 Helping Countries Develop
Helping Countries Develop
The Role of Fiscal Policy
Benedict J. Clements
,
Sanjeev Gupta
, and
Gabriela Inchauste

Abstract

Fiscal policy can foster growth and human development through a number of different channels. These include the macroeconomic (for example, through the influence of the budget deficit on growth) as well as the microeconomic (through its influence on the efficiency of resource use). But how precisely do these channels work in developing countries? What kinds of tax and expenditure policies should developing countries implement to help them meet the Millennium Development Goals? And how can international aid be made more effective? Drawing on both theory and country experience, this book brings together IMF research on the various ways fiscal policy can be used to help spur economic development.

Keywords:
BOOK; country; user payment; per capita income; francophone country; recipient country; exchange rate; hazard function; Health care spending; Africa; Western Hemisphere; Sub-Saharan Africa; Global; Asia and Pacific; Fiscal consolidation
Cover IMF Staff Country Reports
Tanzania: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper analyzes trends in Tanzania’s external competitiveness and export performance. Using various multilateral and bilateral real exchange rates, the paper looks at developments in Tanzania’s real effective exchange rate since 1990. It evaluates the misalignment in the real exchange rate based on results from an equilibrium real exchange rate model that accounts for changes in the economic fundamentals. An analysis of other qualitative aspects of competitiveness is presented, and an assessment of public domestic debt evolution in Tanzania is also provided.
Keywords:
ISCR; CR; Tanzania; debt; debt position; domestic debt; Tanzania government; US. dollar; position in Tanzania; Real exchange rates; Domestic debt; Real effective exchange rates; Africa
Cover IMF Working Papers
Fiscal Sustainability in African HIPC Countries: A Policy Dilemma?
Ms. Annalisa Fedelino
and
Alina Kudina
This paper looks at the link between fiscal policy and debt sustainability in a number of African countries participating in the Heavily Indebted Poor Countries (HIPC) Initiative. The paper finds that, on the basis of current fiscal policies, debt levels will remain unsustainable even after these countries graduate from the HIPC Initiative. This finding has important policy implications. By the very requirements of the HIPC Initiative, these countries are expected to increase significantly their poverty-reducing expenditure-possibly resulting in weaker fiscal primary balances and worsening debt sustainability outlook. As offsetting fiscal tightening may not be viable, ensuring debt sustainability may thus require increased availability of (nondebt-creating) grants. Otherwise, debt sustainability in HIPC countries may prove elusive in the long term.
Keywords:
WP; exchange rate; Debt sustainability; HIPC Initiative; concessional financing; GDP ratio; HIPC completion point; sustainability threshold; debt level; debt ratio; debt-sustainability target; debt problem; creating flow; Fiscal stance; Exchange rate adjustments; Sub-Saharan Africa
Cover IMF Staff Country Reports
Uganda: Report on Observance of Standards and Codes-Fiscal Transparency Module-Update
International Monetary Fund
This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency for Uganda. Since the 1999 ROSC, Uganda has made significant progress in enhancing transparency practices in the fiscal area. They have inter alia divested public enterprises, thereby reducing the scope for conducting off-budget quasi-fiscal operations. The authorities have compiled statistics of line ministries’ revenue, bringing this revenue under the control of the Treasury, and have extended the budgeting framework to cover district and local government budget processes.
Keywords:
ISCR; CR; expenditure; government; budget; ROSC; development expenditure; expenditure planning; value-for-money spending; Budget planning and preparation; Contingent liabilities; Arrears; Government liabilities
Cover IMF Survey
IMF Survey: Volume 28, Issue 17
International Monetary Fund. External Relations Dept.
The rationale for IMF lending to Russia has been widely questioned, as have the record of earlier programs and the use made of previous IMF loans. In the following article, John Odling-Smee, Director of the IMF’s European II Department, explains that the resumed lending was fully justified to support Russia’s most recent economic policies.
Keywords:
SV; structural adjustment Facility; social security reform; ESAF arrangement; contingency financing facility; fund Facility; IMF publication service; country's balance of payments position; Financial sector reform; Corruption; Debt relief; Financial sector; Europe; Asia and Pacific; Central and Eastern Europe; Africa; Global