Uganda: Third Review Under the Policy Support Instrument, Request for Waiver of Nonobservance of an Assessment Criterion, and Request for Modification of Assessment Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
IMF Staff Country Reports, June 5, 2012
Source details
- Canonical URL
- Uganda: Third Review Under the Policy Support Instrument, Request for Waiver of Nonobservance of an Assessment Criterion, and Request for Modification of Assessment Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
Other formats
Bibliographic details
- Published: June 5, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475503975.002
Executive summary and objectives
- This paper presents key findings of the Third Review for Uganda under the policy support instrument.
- Near-term objective: reduce core inflation rapidly through significantly tightened monetary policy and a contractionary fiscal stance.
- Medium-term objective: create fiscal space to support stepped-up public infrastructure investment.
Key findings
- Monetary policy has been tightened significantly to reduce core inflation.
- Fiscal policy stance is contractionary and supports disinflation efforts.
- All but one of the seven quantitative assessment criteria were met at end-June.
- Most structural benchmarks were met, although several were met with delay.
Policy analysis and recommendations
- Continue tighter monetary and fiscal policies in the near term to achieve rapid disinflation.
- Implement medium-term policies aimed at creating fiscal space for increased public infrastructure investment.
- Address delayed structural benchmarks to strengthen program credibility and implementation.
Subject coverage and keywords (as listed)
- Subject: Arrears, Banking, Budget planning and preparation, Commercial banks, External debt, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Inflation, Prices, Public financial management (PFM)
- Keywords: Arrears, authority, Budget planning and preparation, Commercial banks, CR, credit growth, disinflation effort, EAC partner state, Financial Sector Assessment Program, fiscal policy, Global, government finances, IMF's framework, Inflation, ISCR, macroeconomic fundamentals, monetary policy, safeguards policy, X. exchange rate arrangement
Content in this bundle
- _cr12125 — Executive Summary and Staff Report Highlights