Uganda: First Review Under The Policy Support Instrument
IMF Staff Country Reports, December 30, 2013
Source details
- Canonical URL
- Uganda: First Review Under The Policy Support Instrument
Other formats
Bibliographic details
- Published: December 30, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475522754.002
Executive summary and program stance
- Growth has continued to recover from the 2011–2012 low.
- Inflation was declining but the decline was recently halted by a drought-driven food price shock.
- The fiscal stimulus has been successful in driving economic activity.
- A planned program of infrastructure investment is expected to boost growth further.
- The external accounts remain sustainable.
- The current account deficit declined mainly owing to a temporary slowdown of foreign direct investment-related imports.
- With satisfactory program performance, IMF staff supports completing the first PSI review and increasing the ceiling on nonconcessional borrowing.
Key findings and projections
- Growth: continued recovery from the 2011–2012 low.
- Inflation: declining trend interrupted by a drought-driven food price shock.
- Fiscal policy: stimulus credited with driving economic activity; further boost anticipated from planned infrastructure investment.
- External sector: sustainability maintained; current account deficit reduction attributed mainly to a temporary slowdown of FDI-related imports.
Policy recommendations and IMF position
- Complete the first PSI review given satisfactory program performance.
- Increase the ceiling on nonconcessional borrowing.
Thematic coverage (as listed)
- Economic and financial statistics
- External sector statistics
- Financial statistics
- Government finance statistics
- Inflation, Prices
- Public debt
- Revenue administration
Content in this bundle
- Uganda: First Review Under The Policy Support Instrument; IMF Working Paper 13/375; December 3, 2013