Uganda: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Uganda
IMF Staff Country Reports, May 14, 2020
Source details
- Canonical URL
- Uganda: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Uganda
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Bibliographic details
- Published: May 14, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513544274.002
Summary of economic impact
- The Ugandan economy is severely affected by the coronavirus disease 2019 (COVID-19) pandemic.
- 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.
Policy responses and actions taken by authorities
- Increased health spending.
- Strengthened social protection to the most vulnerable.
- Enhanced support to the private sector.
- Bank of Uganda actions:
- Appropriately reduced interest rates.
- Provided liquidity to safeguard financial stability.
- Maintained exchange rate flexibility.
IMF assessment, support, and conditional measures
- The IMF continues to monitor Uganda’s situation closely and stands ready to provide policy advice and further support as needed.
- 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.
- The authorities have committed to put in place targeted transparency and accountability measures to ensure the appropriate use of emergency financing.
Subject areas and keywords (as listed)
- Subject: Banking, Budget planning and preparation, COVID-19, Credit, Expenditure, Health, Imports, International trade, Money, Public debt, Public financial management (PFM), Stress testing
- Keywords: Budget planning and preparation, COVID-19, CR, Credit, emergency expenditure, emergency financing request, financing, Global, health preparedness plan, IMF lending tracker, IMF's emergency financial support, Imports, ISCR
Content in this bundle
- Executive Summary