Uganda: Sixth Review Under the Policy Support Instrument and Request for an Extension of the Policy Support Instrument-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
IMF Staff Country Reports, December 30, 2009
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- Uganda: Sixth Review Under the Policy Support Instrument and Request for an Extension of the Policy Support Instrument-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
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Bibliographic details
- Published: December 30, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451838893.002
Executive summary and macroeconomic context
- Structural rigidities continue to pose challenges to macroeconomic management in Uganda.
- Persistent weaknesses in project implementation coupled with rigidities in domestic financial markets limited the scope for fiscal and monetary stimulus in 2008/09.
- Progress with structural reforms has been uneven and may not have kept pace with the needs raised by the public investment drive.
- Macroeconomic policies will continue to aim at overcoming infrastructure bottlenecks while mitigating the impact of external shocks on domestic activity.
Key findings
- Structural rigidities remain a primary constraint on macroeconomic management.
- Project implementation weaknesses have been persistent, constraining policy effectiveness.
- Rigidities in domestic financial markets reduced room for fiscal and monetary stimulus in 2008/09.
- Structural reform efforts have progressed unevenly relative to the demands of the public investment program.
Policy implications and objectives
- Continue macroeconomic policies focused on:
- Overcoming infrastructure bottlenecks.
- Mitigating the impact of external shocks on domestic activity.
- Address structural rigidities and improve project implementation to enhance the effectiveness of fiscal and monetary measures.
Subject coverage and keywords (as listed)
- Subject: Exchange rates, Expenditure, Foreign exchange, Infrastructure, National accounts, Public financial management (PFM), Public investment and public-private partnerships (PPP), Public investment spending
- Keywords: CR, Exchange rates, fiscal year, Global, headline inflation, IMF's framework, Infrastructure, ISCR, liquidity management framework, management, market, monetary management, NDP objective, program goal, Public investment and public-private partnerships (PPP), Public investment spending, Sub-Saharan Africa, terms of trade, Uganda's PSI, upstream JSAN, X. exchange rate arrangement