Uganda: Seventh Review Under the Policy Support Instrument-Press Release; and Staff Report

IMF Staff Country Reports, January 10, 2017

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Canonical URL: Uganda: Seventh Review Under the Policy Support Instrument-Press Release; and Staff Report

"The economy has performed reasonably well in a complex environment."
"Growth slowed marginally in FY15/16, reflecting muted sentiment in an election year and adverse global and regional developments."
"Growth should nudge up in FY16/17 to 5 percent, low compared to past performance and regional peers."
"Credit to the private sector has stalled, and non-performing loans (NPLs) have increased, also reflecting domestic government arrears."
"The current account deficit is fully financed."
"The Shilling has stabilized after a sharp depreciation in 2015, and international reserve coverage remains adequate."

Credit to the private sector: stalled (no numerical value provided).
Non-performing loans (NPLs): increased (no numerical value provided); increase attributed in part to domestic government arrears.
Government arrears: cited as a factor in banking sector asset quality deterioration.

Current account: deficit is fully financed.
Exchange rate developments: "The Shilling has stabilized after a sharp depreciation in 2015."
International reserves: coverage described as "adequate."

FY16/17 growth projection: "5 percent."
Comparative note: projected growth is "low compared to past performance and regional peers."

Subjects: Debt sustainability; Economic and financial statistics; Expenditure; External debt; Government finance statistics; Public and publicly-guaranteed external debt; Public debt; Public investment and public-private partnerships (PPP).
Keywords: core inflation; CR; deficit; deficit target; East AFRITAC mission; fell short; Global; government; Government finance statistics; ISCR; Public and publicly-guaranteed external debt; Public investment and public-private partnerships (PPP); scaling-up of infrastructure investment; supply and use tables.