Uganda and the International Monetary Fund (IMF) have established a staff-level agreement for the delivery of around $240 million in funding to the nation, the IMF announced.
Following the formal completion of the review by the IMF executive board in the upcoming weeks, Uganda will be able to access the financing, according to the statement.
The fund claimed that despite a number of obstacles, such as sluggish global demand and supply-chain disruptions, the east African nation’s economy was beginning to revive.
The expected rate of economic growth for the fiscal year 2022–23 (July–June) was 5.3%, which is 0. 7 percentage points less than the forecast made at the time of the initial assessment in March.
It stated that among the threats to its growth outlook are “persistently higher inflation in advanced economies and associated tighter global financial conditions.