Uganda: 2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Uganda

July 12, 2017

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Uganda: 2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Uganda, (USA: International Monetary Fund, 2017) accessed November 8, 2024

Summary

This 2017 Article IV Consultation highlights that Uganda’s recent economic performance has been sound, notwithstanding a slowdown in growth. Real GDP growth is estimated to have slowed to 3.9 percent in FY2016/17, reflecting domestic factors and external headwinds, including the drought in the Horn of Africa. The banking sector remains well-capitalized overall. However, elevated nonperforming loans have constrained bank lending which contributed to the growth slowdown. Food price inflation increased owing to the drought, but core inflation was 5.1 percent in May 2017, in line with the Bank of Uganda’s target. The outlook is broadly favorable. With steadfast policy implementation and assuming improved weather conditions, growth could accelerate to 5 percent in FY2017/18.

Subject: Arrears, Banking, Credit, Expenditure, External debt, Fiscal policy, Inflation, Money, Public debt

Keywords: Africa, Arrears, Bank of Uganda's Monetary Policy Committee, Core inflation, CR, Credit, East Africa, Food price inflation, Inflation outlook, ISCR, Payment arrears, Rate, Report, Staff appraisal, Sub-Saharan Africa

Publication Details

Pages:

79
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/206
Stock No:

1UGAEA2017003
ISBN:

9781484309322
ISSN:

1934-7685

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