Uganda: Second and Third Review under the Extended Credit Facility Arrangement; and Requests for a Waiver of Nonobservance of Performance Criterion and Rephasing of Access; Press Release; and Staff Report

International Monetary Fund

No 2023/040, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Uganda’s Second and Third Reviews under the Extended Credit Facility (ECF) Arrangement, Requests for a Waiver of Nonobservance of Performance Criterion, and Rephasing of Access. The Ugandan authorities are persevering in their reforms despite facing multiple shocks from an unfavorable external environment and new public health challenges. The authorities remain committed to implementing reforms supported by the ECF. Maintaining macroeconomic stability, improving budget composition, and reducing government financing needs will help boost private sector growth and improve people’s livelihoods. Continued resolute and timely implementation of structural reforms, including anticorruption and governance measures, remains key for the success of the program. The Ebola outbreak, rising security challenges, and further spillovers from the war in Ukraine represent the main risks. Uganda’s moderate level of public debt and continued access to concessional financing would provide space to achieve program objectives. A structural benchmark on the asset declaration regime was converted into a prior action for the review and has been met.

Keywords: data release; energy price shock; staff appraisal; high frequency indicator; core inflation; Inflation; Credit; Imports; Global (search for similar items in EconPapers)
Pages: 96
Date: 2023-01-23
New Economics Papers: this item is included in nep-cis
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