{
  "title": "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",
  "publication": "IMF Staff Country Reports, July 12, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/07/12/uganda-2017-article-iv-consultation-and-eighth-review-under-the-policy-support-instrument-45069",
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  "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.",
  "publishDate": "2017-07-12",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- 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.\n- The outlook is broadly favorable.\n- With steadfast policy implementation and assuming improved weather conditions, growth could accelerate to 5 percent in FY2017/18."
    },
    {
      "heading": "Inflation and monetary conditions",
      "content": "- Food price inflation increased owing to the drought in the Horn of Africa.\n- Core inflation was 5.1 percent in May 2017, in line with the Bank of Uganda’s target."
    },
    {
      "heading": "Financial sector",
      "content": "- The banking sector remains well-capitalized overall.\n- Elevated nonperforming loans have constrained bank lending, which contributed to the growth slowdown."
    },
    {
      "heading": "Key subjects and policy focus areas (as highlighted)",
      "content": "- Arrears\n- Banking\n- Credit\n- Expenditure\n- External debt\n- Fiscal policy\n- Inflation\n- Money\n- Public debt\n\nInternational Monetary Fund. 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\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/07/12/uganda-2017-article-iv-consultation-and-eighth-review-under-the-policy-support-instrument-45069"
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    "[Markdown version](/en/publications/cr/issues/2017/07/12/uganda-2017-article-iv-consultation-and-eighth-review-under-the-policy-support-instrument-45069/index.md)",
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    "Published: July 12, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484309322.002",
    "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 outlook is broadly favorable.",
    "With steadfast policy implementation and assuming improved weather conditions, growth could accelerate to 5 percent in FY2017/18.",
    "Food price inflation increased owing to the drought in the Horn of Africa.",
    "Core inflation was 5.1 percent in May 2017, in line with the Bank of Uganda’s target.",
    "The banking sector remains well-capitalized overall.",
    "Elevated nonperforming loans have constrained bank lending, which contributed to the growth slowdown.",
    "Arrears",
    "Banking",
    "Credit",
    "Expenditure",
    "External debt",
    "Fiscal policy",
    "Inflation",
    "Money",
    "Public debt",
    "**Country Report**"
  ],
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