IMF approves Ksh.14.5 billion loan to Uganda

IMF approves Ksh.255 billion loan for Kenya

The International Monetary Fund is giving  Uganda an additional Ksh.14.5 billion as part of an Extended Credit Facility Arrangement.

In June last year, the IMF board approved a Ksh.114.3 billion arrangement for Uganda, to help the country overcome the effects of the COVID-19 pandemic.

Under the Extended Credit Facility Arrangement, the approval of the next disbursement depends on how well the country utilized the previous one, in terms of allocating them to where they are due, completing reforms and other commitments agreed to, among others.

The IMF found that Uganda properly used its prior disbursement and was thus awarded the new one.

The IMF says Uganda managed to keep its economy afloat, expanding by 3.8 percent in 2021/22, though it is expected that the government’s expenditure over its revenues, will be higher than planned due to slow economic growth. The Fund notes that in spite of a challenging environment and some technical and legislative delays, all quantitative performance criteria were met, and the reform agenda implementation is progressing.

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