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Africa > Uganda

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Cover IMF Staff Country Reports
Uganda: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
This paper analyzes Uganda’s Request for Disbursement Under the Rapid Credit Facility. The Ugandan economy is severely affected by the coronavirus disease 2019 (COVID-19) pandemic. In order to contain the impact of the pandemic, the authorities have increased health spending, strengthened social protection to the most vulnerable, and enhanced their support to the private sector. The Bank of Uganda has appropriately reduced interest rates and provided liquidity to safeguard financial stability, while maintaining exchange rate flexibility. The weakening economic conditions emanating from the Covid-19 pandemic have put significant pressures on revenue collection, expenditure, reserves and the exchange rate, creating urgent large external and fiscal financing needs. The IMF continues to monitor Uganda’s situation closely and stands ready to provide policy advice and further support as needed. The authorities have also committed to put in place targeted transparency and accountability measures to ensure the appropriate use of emergency financing. The IMF’s emergency financial support under the RCF, along with the additional donor financing it is expected to help catalyze, will help address Uganda’s urgent balance of payments and budget support needs.
Keywords:
ISCR; CR; IMF lending tracker; financing; emergency expenditure; emergency financing request; health preparedness plan; IMF's emergency financial support; Credit; Imports; Budget planning and preparation; Global; COVID-19
Cover IMF Staff Country Reports
Uganda: Third Review Under the Policy Support Instrument, Request for Waiver of Nonobservance of an Assessment Criterion, and Request for 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 presents key findings of the Third Review for Uganda under the policy support instrument. Monetary policy has been tightened significantly to reduce core inflation, supported by a contractionary fiscal stance. All but one of the seven quantitative assessment criteria were met at end-June; most structural benchmarks were met, although several with delay. Tighter monetary and fiscal policies in the near term aim to reduce inflation rapidly, while medium-term policies strive to create fiscal space to support stepped-up public infrastructure investment.
Keywords:
ISCR; CR; disinflation effort; monetary policy; authority; fiscal policy; EAC partner state; IMF's framework; government finances; macroeconomic fundamentals; safeguards policy; X. exchange rate arrangement; credit growth; Inflation; Budget planning and preparation; Arrears; Commercial banks; Financial Sector Assessment Program; Global
Cover IMF Staff Country Reports
Uganda: Second Review Under the Policy Support Instrument and Request for Waiver of Assessment Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda.
International Monetary Fund
Economic growth has recovered, but higher food and fuel prices have sparked a sharp rise in inflation. Monetary policy has been tightened to contain core inflation and effects of the food and fuel price shocks. The government has allowed for scaling up of infrastructure investment spending. The programmed adjustment of fiscal and monetary policies will help put Uganda on a more sustainable medium-term trajectory. Eliminating tax exemptions and incentives will address the revenue gap. The planned oil revenue management framework is encouraging.
Keywords:
ISCR; CR; authority; fiscal policy; debt; deficit; investment project selection; exchange rate; medium term trade balance deficit; debt-burden indicator; macroeconomic fundamentals; Budget planning and preparation; Oil; Inflation; Global; North Africa; Europe
Cover Regional Economic Outlook, October 2007, Sub-Saharan African
Regional Economic Outlook, October 2007, Sub-Saharan African
International Monetary Fund. African Dept.

Abstract

The region's prospects look strong. Growth in sub-Saharan Africa should reach 6 percent in 2007 and 6¾ percent in 2008. The economic expansion is strongest in oil exporters but cuts across all country groups. This would extend a period of very good performance. In recent years, sub-Saharan Africa has been experiencing its strongest growth and lowest inflation in over 30 years.

Keywords:
REO; Dem. rep.; oil exporter; current account; development expenditure; nonfuel commodity price; terms of trade shock; expenditure program; Fiscal space; Terms of trade; Oil; Medium-term budget frameworks; Sub-Saharan Africa; Africa; Global; West Africa
Cover IMF Staff Country Reports
Uganda: First Review Under the Policy Support Instrument and Modifications to Assessment Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
The staff report for the First Review under the Policy Support Instrument and Modifications to Assessment Criteria discusses Uganda’s medium-term expenditure framework (MTEF). The MTEF aims at higher public savings based on spending restraint and a rising domestic revenue ratio. The Bank of Uganda (BOU) will rely on a combination of foreign exchange sales and open market operations to sterilize liquidity. Better and more extensive transport networks and expansion of the pool of long-term savings are also critical for sustainable economic growth.
Keywords:
ISCR; CR; government; debt management strategy; PSI-supported program; assistance; strategy; Executive Board discussion; IMF's framework; inflation objective; Balance of payments statistics; Monetary statistics; Government finance statistics; Financial statistics; Global
Cover IMF Staff Country Reports
Uganda: 2006 Article IV Consultation and Staff Report for the 2006 Article IV Consultation, First Review of the Policy Support Instrument, Request for Waiver of Assessment Criteria, and Request for a Three-Year Policy Support Instrument: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
This 2006 Article IV Consultation highlights that an acute electricity crisis threatens Uganda’s macroeconomic performance. The regional drought in 2005/06 reduced Uganda’s already inadequate hydropower-generating capacity, resulting in a production gap of nearly one-half of demand. The authorities have requested a new three-year policy support instrument in support of their near- and medium-term policies. The authorities’ main objectives are to sustain macroeconomic stability while tackling the ongoing electricity crisis and addressing other infrastructure deficiencies to alleviate existing constraints on growth.
Keywords:
ISCR; CR; government; infrastructure bottleneck; PSI-supported program; policy; GDP; Executive Board discussion; government budget strategy; IMF's Policy Support Instrument; Arrears; Infrastructure; Debt relief; Poverty reduction; Sub-Saharan Africa
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper assesses the implications of a significant increase in the flow of external financing and grants on real GDP growth in Ethiopia. The paper presents an analysis of the sources of growth during 1991/92–2003/04, as well as an assessment of potential GDP growth. The paper also seeks to assess the historical relationship between foreign aid and the performance of the external sector in Ethiopia to establish whether foreign aid inflows have had an adverse effect on the tradable goods sector in the past.
Keywords:
ISCR; CR; goods; potential GDP; appreciation; government; nontradable goods; regime; private sector development; tradable goods sector; trend capital-output ratio; merchandise export; Derg regime; Commercial banks; State-owned banks; Budget planning and preparation; Loans; Europe; Middle East; Eastern Europe; Western Hemisphere; Central Asia; Global
Cover IMF Staff Country Reports
Uganda: Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
This paper assesses Uganda’s Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The fiscal program was broadly on track in 2003/04. Performance under the PRGF-supported program was mixed. Despite some slippages, most quantitative performance criteria were observed for December 2003, and there has been progress in the implementation of structural measures. The authorities are requesting waivers for nonobservance of four performance criteria based on corrective actions taken.
Keywords:
ISCR; CR; government; SDR; PRGF loan; PRGF; complying disbursement; government team; PRGF arrangement; reducing interest rate volatility; Arrears; Budget planning and preparation; Tariffs; East Africa
Cover IMF Staff Country Reports
Uganda: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
Uganda showed strong macroeconomic stability, low inflation, and poverty reduction under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended the monetary and exchange rate policies, and stressed the need to strengthen fiscal sustainability and maintain a healthy financial sector. They emphasized the need to improve the infrastructure, expand financial intermediation, enhance governance to improve the investment climate, and encourage private sector-led investment and growth. They agreed that Uganda has successfully completed the first review under the PRGF Arrangement, and approved waiver.
Keywords:
ISCR; CR; government; PRGF arrangement; stabilization effort; PRGF loan; excise tax regime; expenditure management systems; Poverty reduction strategy; Budget planning and preparation; Arrears; Defense spending; Global
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