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

_IMF Staff Country Reports, January 10, 2017_

## Source details

**Canonical URL:** [Uganda: Seventh Review Under the Policy Support Instrument-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2017/01/10/uganda-seventh-review-under-the-policy-support-instrument-press-release-and-staff-report-44518)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/01/10/uganda-seventh-review-under-the-policy-support-instrument-press-release-and-staff-report-44518/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/01/10/uganda-seventh-review-under-the-policy-support-instrument-press-release-and-staff-report-44518/index.json)
- [Bundle manifest](/en/publications/cr/issues/2017/01/10/uganda-seventh-review-under-the-policy-support-instrument-press-release-and-staff-report-44518/bundle-manifest.json)

## Bibliographic details
- Published: January 10, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475565225.002

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### Main findings and overview
- "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."

### Financial sector and fiscal dynamics
- 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.

### External sector and exchange rate
- 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."

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

### Subject coverage and keywords (as listed)
- 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.

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr1707.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr1707.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/01/10/uganda-seventh-review-under-the-policy-support-instrument-press-release-and-staff-report-44518_