IMF cautions Uganda
KAMPALA-The International Monetary Fund (IMF) has urged Uganda to rein in its public spending, following a loosening of fiscal policy ahead of last month’s Commonwealth meeting in Kampala and a response to floods in the north.
KAMPALA-The International Monetary Fund (IMF) has urged Uganda to rein in its public spending, following a loosening of fiscal policy ahead of last month’s Commonwealth meeting in Kampala and a response to floods in the north.
“The Government’s restraint on less-essential expenditure and continued efforts in tax ... collection will be vital to raise public saving,†Takatoshi Kato, the IMF deputy managing director and acting chair, said in a statement.
Uganda has often been held up by donors as a shining example in Africa of macro-economic stability, with a freely floating currency, balanced budget, low inflation and steady growth of around 6% per year for the past two decades.
But donors who supply more than half the Budget sometimes complain of over-spending in key sectors, like the military.
Uganda spent $146m on preparations for the Commonwealth Heads of Government Meeting.
Reuters
“The Government’s restraint on less-essential expenditure and continued efforts in tax ... collection will be vital to raise public saving,†Takatoshi Kato, the IMF deputy managing director and acting chair, said in a statement.
Uganda has often been held up by donors as a shining example in Africa of macro-economic stability, with a freely floating currency, balanced budget, low inflation and steady growth of around 6% per year for the past two decades.
But donors who supply more than half the Budget sometimes complain of over-spending in key sectors, like the military.
Uganda spent $146m on preparations for the Commonwealth Heads of Government Meeting.
Reuters