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It’s just after sunrise in the hills of Kapchorwa, eastern Uganda. A smallholder farmer, barefoot and bent over with age, tends to her coffee shrubs. She’s been growing the crop…
By Martin Mugisha In to the Monetary Policy Report February 2022, the Bank of Uganda said that Private Sector Credit (PSC) growth lost momentum in the quarter to December 2021, due to the uncertainty over a pickup in economic activity, especially as the number of COVID-19 infections were on the rise in November and December 2021 and the increase in Net Domestic Financing (NDF) requirements. Indeed, year-on-year growth in PSC fell to an average of 9.0 percent, down from 9.7 percent in the quarter to September 2021. This comes at the back of the late Bank of Uganda Governor Emmanuel…
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Former Uganda Revenue Authority (URA) Commissioner General Doris Akol has been appointed Technical Assistance Advisor at the International Monetary Fund. In a congratulatory message, former Kampala Capital City Authority executive Director Jennifer Musisi tweeted: “Congratulations to one of Africas most brilliant tax administrators and legal professionals on your ascension to Technical Assistance Advisor International Monetary Fund @DDorisAkol they’ve grabbed a gem!” Over the course of her career, Akol has held various positions in public office as well as in the private sector. She possesses over two decades of experience in taxation policy and administration, corporate governance, public procurement processes, and…
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The Executive Board of the International Monetary Fund (IMF) has approved a 36-month arrangement under the Extended Credit Facility (ECF) for Uganda. The SDR722 million (200 percent of quota or about US$1 billion), an equivalent of UGX3.55 trillion is meant to support the post-COVID-19 recovery and the Ugandan authorities’ plan to increase households’ incomes and inclusive growth by fostering private sector development. IMF says that the approval of the ECF arrangement enables immediate disbursement of about US$258 million, usable for budget support. This follows Fund emergency support to Uganda under the Rapid Credit Facility (RCF) in May 2020 of SDR361…
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Last year Parliament approved loans to the tune of UGX18.69 trillion, according to the report detailing the business transacted by the House in the year 2020. The approved loans are up from the UGX6.15 trillion that legislators approved in 2019.According to the report, 17 loan request proposals authorizing government to borrow were approved. These were tabled by government through the Ministry of Finance, Planning and Economic Development and considered by the House National Economy Committee.These include; a UGX1.1 trillion (US$ 300.0 million) loan from the International Development Association (IDA) of the World Bank Group for budget support for financial year 2019/2020…
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The International Monetary Fund, IMF, is proposing that the multi-lateral lenders extend the Debt Service Suspension Initiative to the end of 2021 because most of the countries burdened will not recover by early next year.COVID-19 has dealt a major blow to the world’s poorest countries, causing a recession that could push more than 100 million people into extreme poverty. Earlier this year, the World Bank and the IMF urged the group of the richest countries, the G20, to establish the Debt Service Suspension Initiative, or DSSI, as the COVID-19 pandemic started to hit poorer countries worldwide.The Initiative aims at helping countries…
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Uganda has received a US$ 31.6m (UGX116.7 billion) loan from the African Development Fund (ADF) to help in the response to the Coronavirus (COVID-19) pandemic. In a statement sent out on Sunday afternoon, the ADF, which is a concessional funding arm of the African Development Bank Group, said the “funds are designed as budget support within the framework of the Bank Group’s COVID-19 Crisis Response Facility.” This brings the total to US$ 823.1m (UGX3 trillion) Uganda has received from three lenders: African Development Bank, the World Bank, and the International Monetary Fund (IMF) to respond to COVID-19 since May 2020….
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In the wake of the unprecedented COVID-19 crisis, tax systems should be reformed, and tax avoidance and evasion reduced, to ensure an economic recovery in which everyone pays their share, the International Monetary Fund (IMF) has said.Taxes pay for many of the things that are fundamental to the functioning societies across the world, such as schools, health care, and social services. Money raised through taxation is crucial to ensuring that these services are maintained during the COVID-19 crisis. But, when businesses shut down, and millions lose their jobs, as has happened during the current crisis, tax revenue plummets. IMF Deputy Director,…
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The Executive Board of the International Monetary Fund (IMF) on Wednesday, May 6th approved a disbursement of USD491.5 million (UGX1.87 trillion) under the Rapid Credit Facility (RCF) to help deal with the effects of Covid-19. According to an IMF media release, the money is to “finance the health, social protection and macroeconomic stabilization measures, meet the urgent balance-of-payments and fiscal needs arising from the COVID-19 outbreak and catalyze additional support from the international community.” “The Ugandan economy is being severely hit by the COVID-19 pandemic and, in particular, such key sectors as services (tourism), transport, construction, manufacturing, and agriculture. The challenging…
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