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Africa > Uganda

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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 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 Global Monitoring Report, 2006
Global Monitoring Report, 2006
Strengthening Mutual Accountability: Aid, Trade, and Governance
International Monetary Fund

Abstract

This third edition of the Global Monitoring Report examines the commitments and actions of donors, international financial institutions, and developing countries to implement the Millennium Declaration, signed by 189 countries in 2000. Many countries are off track to meet the Millennium Development Goals, particularly in Africa and South Asia, but new evidence is emerging that higher-quality aid and a better policy environment are accelerating progress in some countries, and that the benefits of this progress are reaching poor families. This report takes a closer look at the donors' 2005 commitments to aid and debt relief, and argues that rigorous, sustained monitoring is needed to ensure that they are met and deliver results, and to prevent the cycle of accumulating unsustainable debt from repeating itself. International financial institutions need to focus on development outcomes rather than inputs, and strengthen their capacity to manage for results in developing countries.

Keywords:
MISC RPT; MISC; State party; private sector; governance system; low-income country; state; country; country system; governance indicator; investment climate; Global; Africa; Sub-Saharan Africa; South Asia; East Asia; Corruption; Debt relief; Infrastructure; middle-income country; Caribbean
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: 2002 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
This 2002 Article IV Consultation highlights that since the conclusion of the last Article IV consultation in March 2001, Uganda has continued to implement disciplined financial policies and sound structural reforms that have helped to sustain robust economic growth despite an adverse external environment. In 2001/02 (July–June), real GDP growth increased to 6.6 percent, boosted by highly favorable weather conditions for agriculture and a surge in construction activity from a pickup in investment. A sharp drop in food crop prices resulted in negative headline inflation of -2.5 percent during the year.
Keywords:
ISCR; CR; deficit; authority; government; inflation; steadfast commitment; headline inflation; government balance; authorities to the fund management; prudent monetary policy; government's liability; real GDP; Poverty reduction; Exports; Budget planning and preparation; Sub-Saharan Africa; Southern Africa; East Africa; Africa; 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
Cover Alivio de la deuda para los países de bajo ingreso
Alivio de la deuda para los países de bajo ingreso
Iniciativa reforzada para los países pobres muy endeudados
Mr. Kamau Thugge
and
Mr. Anthony R. Boote

Abstract

Este folleto describe la iniciativa que emprendieron el FMI y el Banco Mundial en 1996 para abordar de manera integral la carga global de la deuda de determinados países pobres muy endeudados (PPME) que estaban aplicando programas de ajuste y reforma con el respaldo de ambas instituciones. El objetivo de esta Iniciativa es reducir la deuda de estos países a niveles sostenibles de modo que puedan cumplir con sus obligaciones corrientes y futuras de servicio de la deuda sin comprometer indebidamente su crecimiento económico. Este folleto describe los fundamentos y las principales características de la Iniciativa, según fue concebida originalmente en 1996, y su implementación hasta el cuarto trimestre de 1999, que culminó en la aprobación a finales de ese año de la Iniciativa Reforzada para los PPME, cuya finalidad es suministrar un alivio de la deuda más profundo y más rápido a un mayor número de países. La Iniciativa Reforzada para los PPME también busca asegurar que el alivio de la deuda esté integrado en una estrategia de reducción de la deuda de alcance más general, formulada con una participación de amplia base y adaptada a las circunstancias de cada país.

Keywords:
PAM; IMF board; debt; NPV; IMF's share; HIPCs