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IMF extends Shs 3.5 trillion to help Uganda fight the new wave of Covid

Matooke Republic by Matooke Republic
June 4, 2021
in News
Reading Time: 2 mins read
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The International Monetary Fund (IMF) under the Extended Credit Facility programme has extended $1b (about 3.547 trillion) to Uganda to enhance economic recovery subdued by Covid-19 disruptions.

According to Daily Monitor, IMF is extending support to Uganda to shore up sectors including health, social protection and macroeconomic stabilization that have been hit by Covid-19. 

The publication also stated that on May 6, the IMF approved $491.5m for Uganda under the Rapid Credit Rapid to meet urgent balance-of-payments and fiscal needs arising from Covid-19-related disruptions as well as catalysing additional support from the international community?

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IMF’s Amine Mati  said that the credit extension was necessitated by the fact that Uganda’s economy had been hit hard by Covid-19,affecting  people’s livelihoods, halving growth as well as driving an increase in poverty. 

Mati said it was important that the IMF supports Uganda through the next phase of the Covid-19 response as well as strengthen fundamentals of the economy for more inclusive private sector-led growth. 

“As the pandemic eases, we envisage a return to revenue-based fiscal consolidation while increasing priority social spending, including on Covid-19 vaccines and protect vulnerable households,” he said, noting that agreed upon improvements, along with improved pro-growth spending, will create space for private sector credit and boost human capital, setting the stage for a durable and inclusive growth.

 According to Mati, as a condition for the credit facility the Uganda government, committed to fight corruption in Covid-19 dealings by publishing procurement contracts and providing information on the use of funds to mitigate the impact of Covid-19. 

The emergency financial support from IMF and the World Bank has been key in closing financing gaps and supported mitigation measures. 

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