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IMF approves Uganda’s Shs3.5t loan request for Covid fight

Noelyn Nassuuna by Noelyn Nassuuna
June 29, 2021
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Seven inmates test Covid-19 positive in Busesa prison
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By Ritah Kemigisa

The Executive Board of the International Monetary Fund (IMF) has approved a 36-month arrangement under the Extended Credit Facility (ECF) of $1 billion about Shs 3.55 trillion to Uganda.

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A statement from the fund notes that the loan will support Uganda’s post-COVID-19 recovery and plans to increase households’ incomes and inclusive growth by fostering private sector development.

This comes a few months after the Auditor General warned that the country’s national debt had escalated and is becoming unsustainable.

This Approval enables immediate disbursement of about $258 million, usable for budget support.

The fund in May last year under the Rapid Credit facility gave Uganda shs491. 5 million as emergency support.

Uganda’s economy has been hit hard by the COVID-19 crisis.

A mild recovery is underway in some sectors, with economic growth in FY 21/22 expected to reach 4.3% before returning to pre-pandemic rates of 6-7% in the medium term.

The outlook however remains highly uncertain, with risks tilted to the downside, including from a resurgence of tighter containment measures linked to higher COVID-19 positivity rates.

 

Noelyn Nassuuna

Noelyn Nassuuna

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Commonwealth proposes recovery plan for tourism

Gov’t, European Union earmark over Shs 60 billion for tourism sector

May 18, 2022
Most road users died from motorcycle accidents

Most road users died from motorcycle accidents

May 18, 2022
Deputy Speaker defers covid-19 funds presentation

Speaker Among slams MP Namanya for ‘humiliating’ Minister Musenero in viral video

May 18, 2022
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