{"id":49789,"date":"2023-05-23T16:17:44","date_gmt":"2023-05-23T16:17:44","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2"},"modified":"2023-05-23T17:54:39","modified_gmt":"2023-05-23T17:54:39","slug":"ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2","title":{"rendered":"Uganda\u2019s economy to grow by 5.5 per cent in 2023 \u2013 IMF"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The International Monetary Fund has projected Uganda’s economy to grow by about 5.5 per cent this year, reflecting a strong half-year performance and some positive news from high-frequency activity and confidence indicators.<\/p>\n

In an interview with the Monitor on Monday, the International Monetary Fund Resident Representative, Ms Izabela Karpowicz said Uganda\u2019s economic activities have picked up.<\/p>\n

\u201cInflation peaked in late 2022 but it\u2019s now on a declining path. As it continues to decline and global uncertainties decrease, external demand would support a stronger recovery in 2024 and beyond, thus a return to pre-Covid-19 growth rate of 6 to 7 per cent,\u201d she said.<\/p>\n

However, Ms Karpowicz said risks to this outlook include spillovers from geoeconomic fragmentation, a return of higher and more volatile global inflation, and climate change effects.<\/p>\n

She said the Sub-Saharan Africa is facing higher borrowing costs due to monetary policy tightening around the globe in response to high inflation.<\/p>\n

\u201cUganda is not spared from this. Yields on government securities peaked at 12-15 per cent early in 2023 and the Uganda shilling has depreciated. Difficulty in raising concessional financing, coupled with a higher interest burden, means that fewer resources are available for discretionary spending, notably on development and climate change adaptation,\u201d Ms Karpowicz said.<\/p>\n

She advised the Uganda government that boosting tax revenues, which are below regional comparators, is much needed and can help finance development spending while preserving the sustainability of public debt.<\/p>\n

The Executive Director of Research at Bank of Uganda, Dr Adam Mugume said the global financial squeeze is a challenge since Uganda relies on external financing.<\/p>\n

\u201cHowever, Uganda should be able to manoeuvre through given that most of Uganda\u2019s external debt is from multilateral creditors, mainly World Bank, IMF and African Development Bank. Uganda\u2019s exposure to non-concessional loans is to a great extent limited and as such there is limited concern on risks associated with rollover of maturing loans from commercial lenders,\u201d he said.<\/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 has projected Uganda’s economy to grow by about 5.5 per cent this year, reflecting a strong half-year performance and some positive news from high-frequency activity and confidence indicators. In an interview with the Monitor on Monday, the International Monetary Fund Resident Representative, Ms Izabela Karpowicz said Uganda\u2019s economic […]<\/p>\n","protected":false},"author":84,"featured_media":49787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-49789","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":"\nUganda\u2019s economy to grow by 5.5 per cent in 2023 \u2013 IMF - Uganda<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund has projected Uganda's economy to grow by about 5.5 per cent this year, reflecting a str ...\" \/>\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\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uganda\u2019s economy to grow by 5.5 per cent in 2023 \u2013 IMF\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund has projected Uganda's economy to grow by about 5.5 per cent this year, reflecting a str ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2\" \/>\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=\"2023-05-23T16:17:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-23T17:54:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/05\/sm_1684848165.583205.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\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=\"2 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\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Uganda\u2019s economy to grow by 5.5 per cent in 2023 \u2013 IMF\",\"datePublished\":\"2023-05-23T16:17:44+00:00\",\"dateModified\":\"2023-05-23T17:54:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2\"},\"wordCount\":341,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/05\/sm_1684848165.583205.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\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-economy-to-grow-by-5-5-per-cent-in-2023-imf-2\",\"name\":\"Uganda\u2019s economy to grow by 5.5 per cent in 2023 \u2013 IMF - 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