By Winnie Masiika,
NATIONAL
Following the completion of a fourth review under the Extended Credit Facility (ECF) to the tune of $1 billion approved by the International Monetary Fund (IMF) board in 202, the government of Uganda is yet again set to receive $120 million from the fund under ECF agreement.
The yet to be received monies brings the aggregate disbursement to a total of about US$750 million.
According to sources within the government, the funds will support the near-term response to the COVID-19 pandemic and boost more inclusive private sector-led long-term growth, making reforms on creating fiscal space for priority social spending, preserving debt sustainability, strengthening governance and reducing corruption, and enhancing the monetary and financial sector frameworks.
A report by the IMF projects that Uganda’s economy is projected to grow by 5.5 percent in the financial year 2022/2023 and 6 percent in FY 2023/2024 despite repeated external shocks and tighter financial conditions.
