Uganda: First Review Under The Policy Support Instrument

Uganda: First Review Under The Policy Support Instrument

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This paper discusses Ugandaa€™s First Review Under the Policy Support Instrument (PSI). Growth has continued to recover from the 2011a€“2012 low. In an environment of declining inflationa€”recently halted by a drought-driven food price shocka€”the fiscal stimulus has been successful in driving economic activity, and a planned program of infrastructure investment is expected to boost growth further. The external accounts remain sustainable. The current account deficit declined mainly owing to a temporary slowdown of foreign direct investment-related imports. With satisfactory program performance, IMF staff supports completing the first PSI review and increasing the ceiling on nonconcessional borrowing.Contribution to GDP growth Inflation Rate (percent, y-o-y) -1 0 1 2 3 4 5 6 7 8 2008/09 2009/10 2010/11 2011/12 2012/13 Agriculture Industry Services Indirect Taxes Total -10 -5 0 5 10 15 20 (eop) Headline Food crops Core Private sectoranbsp;...

Title:Uganda: First Review Under The Policy Support Instrument
Author: International Monetary Fund. African Dept.
Publisher:International Monetary Fund - 2013-12-30

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