Press Release No. 11/40

Press Release: Uganda–First Review Under the Policy Support Instrument, and Modification of Assessment Criteria

February 11, 2011

The Executive Board of the International Monetary Fund (IMF) today did not complete the first review under the three-year Policy Support Instrument (PSI) for Uganda. The Executive Board approved modification of quantitative assessment criteria for end-December 2010 under the PSI. The second review under the PSI is expected to be considered by the Executive Board before the end of June 2011.

The PSI for Uganda was approved on May 12, 2010 (see Press Release No. 10/195) and aims at maintaining macroeconomic stability and alleviating constraints to growth through a scaling up of public investment spending and structural reforms to enhance the country’s absorptive capacity. It supports the strengthening of institutions ahead of expected oil production and Uganda’s participation in the future East African Monetary Union.