{"id":43414,"date":"2023-01-18T20:54:33","date_gmt":"2023-01-18T20:54:33","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda"},"modified":"2023-01-18T21:07:11","modified_gmt":"2023-01-18T21:07:11","slug":"imf-executive-board-approves-shs870b-disbursement-to-uganda","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda","title":{"rendered":"IMF executive board approves Shs870b disbursement to Uganda"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The International Monetary Fund (IMF) executive board has approved two reviews of a financing agreement with Uganda that allow for the immediate release of about $240 million (about Shs870b) to the East African country.<\/p>\n

According to the IMF deputy managing director, Bo Li, Ugandan authorities remain committed to their economic programme amidst a challenging environment.<\/p>\n

\u201cMost quantitative targets were met in 2022. Six of the twelve structural benchmarks due between March and December 2022 have been completed. A structural benchmark on the asset declaration regime was converted into a prior action for the review and has been met. Sound programme implementation in the period ahead remains important to ensure economic resilience and support the country\u2019s social and developmental objectives,\u201d Li is quoted as saying in a Tuesday statement released by IMF.<\/p>\n

In December, Uganda and IMF staff had reached an agreement for the combined second and third reviews of its 36-month Extended Credit Facility, paving the way for the release of the financing, which brings total disbursements under the arrangement launched in June 2021 to $625 million.<\/p>\n

\u201cThe ECF Arrangement for Uganda for a total of SDR 722 million (200 percent of quota) or about US$1billion was approved by the Executive Board on June 28, 2021, aiming to support the near-term response to the COVID-19 pandemic and boost more inclusive private sector-led long-term growth. Reforms focus on creating fiscal space for priority social spending, preserving debt sustainability, strengthening governance, and enhancing the monetary and financial sector frameworks,\u201d the statement added.<\/p>\n

The IMF executive board further granted a waiver of nonobservance of a performance criterion on the stock of net international reserves of the Bank of Uganda.<\/p>\n

Uganda’s finance ministry projects economic growth for 2023\/24 will be 6%, helped by increased activity in oil sector construction, growth in regional trade, and a rebound in agriculture.<\/p>\n

\u201cThe banking system is well-capitalized and financial stability risks should continue to be minimized. Monetary policy should continue to tighten to achieve the core inflation target. Continued exchange rate flexibility is needed to preserve external buffers, with foreign exchange interventions limited to smoothing excessive exchange rate fluctuations. Continued improvements in Bank of Uganda\u2019s autonomy and governance framework would be important,\u201d Li added.<\/p>\n

Uganda projects it will borrow some $2.6 billion for that fiscal year.<\/p>\n

In recent years, Uganda has been taking on increasingly large amounts of debt, particularly from China, to finance energy, transportation and other infrastructure with officials banking on expected oil revenue to clear the debt.<\/p>\n

Mr Li argues that accelerating the momentum on structural reforms is essential to help move Uganda towards attaining its goal of middle-income status. Priorities include enhancing domestic revenue mobilization, strengthening governance, transparency, the anti-corruption framework and the AML\/CFT regime, advancing the financial inclusion agenda, and climate adaptation measures.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The International Monetary Fund (IMF) executive board has approved two reviews of a financing agreement with Uganda that allow for the immediate release of about $240 million (about Shs870b) to the East African country. According to the IMF deputy managing director, Bo Li, Ugandan authorities remain committed to their economic programme amidst […]<\/p>\n","protected":false},"author":84,"featured_media":43413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-43414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nIMF executive board approves Shs870b disbursement to Uganda - Uganda<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) executive board has approved two reviews of a financing agreement with Uganda that ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF executive board approves Shs870b disbursement to Uganda\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) executive board has approved two reviews of a financing agreement with Uganda that ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-18T20:54:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-18T21:07:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/01\/postQueueImg_1674062678.39.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF executive board approves Shs870b disbursement to Uganda\",\"datePublished\":\"2023-01-18T20:54:33+00:00\",\"dateModified\":\"2023-01-18T21:07:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda\"},\"wordCount\":475,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/01\/postQueueImg_1674062678.39.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/imf-executive-board-approves-shs870b-disbursement-to-uganda\",\"name\":\"IMF executive board approves Shs870b disbursement to Uganda - 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