IMF Staff Country Reports

Uganda: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda

September 11, 2024

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International Monetary Fund. African Dept. "Uganda: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda", IMF Staff Country Reports 2024, 290 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400288821.002

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Summary

The 2024 Article IV Consultation highlights that Uganda has navigated the post pandemic recovery well due to sound macroeconomic policies. The economic recovery is strengthening with low inflation, favorable agricultural production, and strong industrial and services activity. While public debt is sustainable, low tax revenues constrain Uganda’s fiscal policy space. Strengthening domestic revenue mobilization and budgetary and cash management practices are key to securing a durable fiscal space. The Bank of Uganda’s tight monetary policy stance has helped anchor inflation expectations and counter external sector pressures. Going forward, monetary policy should remain data driven to ensure price stability and further financial deepening. Continued flexibility of the exchange rate is important to build up adequate foreign exchange reserves. Uganda should continue its efforts to create fiscal space through revenue mobilization and better expenditure discipline, vigilant monetary policy, and exchange rate flexibility, using future oil revenue to address growth impediments and improve social development while advancing governance reform and financial inclusion. Addressing governance deficiencies and regulatory burdens and enhancing regional trade integration are critical to unlocking Uganda’s growth potential.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Debt sustainability, External debt, Public debt

Keywords: Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), Core inflation, Data dependent, Debt sustainability, Fiscal consolidation effort, Global, Headline inflation, IMF staff calculation, Inflation expectation, Middle East, NDP IV

Publication Details

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