## 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](https://www.imf.org/en/publications/cr/issues/2016/12/31/uganda-first-review-under-the-policy-support-instrument-41171)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/uganda-first-review-under-the-policy-support-instrument-41171/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/uganda-first-review-under-the-policy-support-instrument-41171/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/uganda-first-review-under-the-policy-support-instrument-41171/bundle-manifest.json)

## 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**
  - [Uganda: First Review Under The Policy Support Instrument; IMF Working Paper 13/375; December 3, 2013 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13375.pdf.md){rel="alternate" type="text/markdown"}
  - [Uganda: First Review Under The Policy Support Instrument; IMF Working Paper 13/375; December 3, 2013 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13375.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/uganda-first-review-under-the-policy-support-instrument-41171_