Uganda: Fifth Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda
IMF Staff Country Reports, March 18, 2024
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- Uganda: Fifth Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda
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Bibliographic details
- Published: March 18, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400269882.002
Economic recovery and activity
- Economic recovery continues to gain strength following a rapid decline in inflation.
- Recovery supported by:
- favorable agriculture,
- robust industrial activity,
- robust services activity.
Fiscal financing, external flows, and risks
- Fiscal financing and foreign portfolio flows are facing headwinds amid tight global financial conditions and the passage of the Anti-Homosexuality Act in May 2023.
- Authorities are implementing fiscal consolidation to contain vulnerabilities.
Monetary policy stance and inflation risks
- The authorities are maintaining a moderately tight monetary stance in the face of upside risks to inflation.
- Preliminary data suggest the December 2023 indicative target (IT) for inflation was met.
Program performance and quantitative targets
- All September 2023 quantitative performance criteria were met.
- Most June 2023 indicative targets (ITs) were met.
- Preliminary data for December 2023 ITs indicate:
- net credit to government: met,
- inflation: met,
- net international reserves: missed.
Structural benchmarks and reform agenda
- Structural benchmarks for the current review:
- Four out of seven structural benchmarks were met on or before test dates.
- One structural benchmark was completed with a delay.
- Authorities are undertaking reforms to improve governance and reduce corruption.
Content in this bundle
- Executive Summary