Daily Monitor
Friday June 04 2021
A health worker administers a Covid vaccine at the Ministry of Health in Kampala on May 28. PHOTO/ABUBAKER LUBOWA
Summary
The Auditor General had in the 2019/2020 financial year report cautioned that if the government does not restrain its hunger for loans, the debt will be unsustainable and future governments will not be able to borrow.
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The government is asking for another loan of $1 billion (Shs3.5 trillion) from the International Monetary Fund (IMF) to mitigate the impact of Covid-19 on the country’s economy, the Finance Ministry confirmed on Wednesday
However, this comes a few months after the Auditor General (AG), Mr John Muwanga, warned that the country’s national debt had escalated and that it was becoming unsustainable.
Date Time
IMF and Uganda Reach Staff-Level Agreement on a Three-Year US$1 billion Financing Package
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
The authorities’ reform program aims at tackling the near-term impact of COVID-19 and helping Uganda’s recovery by safeguarding macroeconomic stability and generating more inclusive growth.
The International Monetary Fund and Uganda reached a staff-level agreement for a $1 billion program under a three-year extended credit facility, the Fund said on Tuesday.