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Africa > Uganda

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Cover IMF Working Papers
Capital Market Integration: Progress Ahead of the East African Community Monetary Union
Mr. Masafumi Yabara
Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.
Keywords:
WP; EAC treasury bill market; market infrastructure; EAC capital market integration; EAC treasury bond bond market; EAC debt markets; East African Community; regional integration; monetary union; capital market; equity; stock; debt; bond; beta convergence; sigma convergence; cointegration; EAC Treasury Bill; EAC capital markets; Stock markets; Securities markets; Capital markets; Capital market integration; Treasury bills and bonds; Sub-Saharan Africa; West Africa; Global
Cover Uganda
Uganda
Adjustment with Growth, 1987-94
Ms. Hema R. De Zoysa
,
Mr. Robert L. Sharer
, and
Mr. Calvin A McDonald

Abstract

This paper explores not only the recent adjustment efforts but also the prospects for Uganda in the medium term. It provides an overview of recent economic performance with respect to growth, saving, and investment, and provides an analysis of Uganda's external adjustment efforts. The paper surveys fiscal adjustment and the prospects for a sustainable fiscal position, public enterprise reform, and army demobilization.

Keywords:
OP; GDP; interest rate; CBI trade liberalization; government; investment-GDP ratio; export share; tariff goal; treasury bill market; Commercial banks; Exports; Treasury bills and bonds; East Africa; Southern Africa; Sub-Saharan Africa; Africa