Uganda : second review under the policy support instrument and request for modification of assessment criteria, staff report, press release, and statement by the Executive Director for Uganda.

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Bibliographic Details
Imprint:Washington, D.C. : International Monetary Fund, 2014.
©2014
Description:1 online resource (77 pages) : color illustrations
Language:English
Series:IMF Country Reports ; no. 14/195
IMF country report ; no. 14/195.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12503073
Hidden Bibliographic Details
Other authors / contributors:International Monetary Fund, issuing body.
ISBN:1498372619
1498374875
9781498372619
9781498374873
Notes:"July 2014."
"June 16, 2014"--Page 2 of pdf.
Online resource; title from pdf title page (IMF Web site, viewed July 14, 2014).
Summary:"Economic performance has been broadly favorable. Despite difficult conditions, real GDP growth has proved resilient in the context of low inflation and strong international reserves. The policy mix has deviated from program expectations. Significant revenue shortfalls and expenditure overruns raised the fiscal deficit and domestic borrowing needs, and hindered an opportunity to ease monetary policy more markedly. Policies are set to return to the envisaged path. To reverse course, the authorities intend to adopt a package of tax measures, efficiency gains, rationalization of spending, and reduction of arrears. The tighter fiscal stance would create space for further interest rate declines and support private sector credit expansion. However, with deteriorating bank asset quality, strengthening financial oversight will be crucial. Progress has been made on structural reforms, but further steps are needed. Starting the construction of the two hydropower projects without further delay, approving and regulating the Public Financial Management Bill, and strengthening accounting controls are crucial steps in the reform effort. The expected amendments to the Bank of Uganda Act should support the inflation targeting regime. Downside risks to the program are significant. Success of the adjustment efforts will depend critically on parliament's approval of the entire revenue package and government's subsequent ability to enforce tax collections and resist further spending pressures in a pre-electoral year. Based on the proposed policies, staff supports completion of the second PSI review. Quantitative assessment criteria were met with the exception of the ceiling on net domestic financing, missed by a small margin, to which staff supports a waiver. The PFM- related structural benchmarks were observed, and others are proposed to be redefined or postponed given their good prospects for completion"--Abstract.
Other form:Print version: Uganda : second review under the policy support instrument and request for modification of assessment criteria-staff report; press release; and statement by the executive director for Uganda. Washington, District of Columbia : International Monetary Fund, ©2014 62 pages IMF country report ; 14/195 9781498374873

MARC

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245 0 0 |a Uganda :  |b second review under the policy support instrument and request for modification of assessment criteria, staff report, press release, and statement by the Executive Director for Uganda. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2014. 
264 4 |c ©2014 
300 |a 1 online resource (77 pages) :  |b color illustrations 
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490 1 |a IMF Country Reports ;  |v no. 14/195 
500 |a "July 2014." 
500 |a "June 16, 2014"--Page 2 of pdf. 
505 0 |a "Cover"; "CONTENTS"; "RECENT DEVELOPMENTS"; "PROGRAM PERFORMANCE"; "ECONOMIC OUTLOOK AND RISKS"; "FISCAL POLICY"; "A. Preserving Fiscal Sustainability"; "B. Boosting Revenue Mobilization"; "C. Enhancing Spending Efficiency"; "MONETARY AND FINANCIAL SECTOR POLICIES"; "A. Preserving the Inflation Target"; "B. Protecting Banking Sector Stability"; "STRUCTURAL REFORMS"; "A. Public Financial Management (PFM)"; "B. Central Bank Modernization"; "C. Regional Integration and the Business Enviornment"; "STAFF APPRAISAL"; "BOXES" 
505 8 |a "1. Government Domestic Debt and Private Sector Crowding Out"2. Revenue Mobilizing Measures"; "3. Public Financial Management Reform"; "FIGURES"; "1. Recent Economic Developments"; "2. Fiscal Developments and Outlook"; "3. Monetary and Financial Sector Developments and Outlook"; "TABLES"; "1. Selected Economic and Financial Indicators, FY2010/11â€?2018/19"; "2a. Fiscal Operations of the Central Government, FY2010/11â€?2018/19 (Billions of Ugandan Shillings)"; "2b. Fiscal Operations of the Central Government, FY2010/11â€?2018/19 (Percent of GDP)" 
505 8 |a "2c. Quarterly Fiscal Operations of the Central Government, 2013/14â€?2014/15"3. Monetary Accounts, FY2010/11â€?2018/19"; "4. Balance of Payments, FY2010/11â€?2018/19"; "5. Banking Sector Indicators, March 2010â€?December 2013"; "APPENDIX"; "I. Letter of Intent"; "Attachment I. Memorandum of Economic and Financial Policies"; "Attachment II. Technical Memorandum of Understanding"; "ANNEX"; "1. Fiscal Risks to Successful EAC Integration"; "CONTENTS"; "FUND RELATIONS"; "JOINT WORLD BANK-FUND WORK PROGRAM"; "STATISTICAL ISSUES" 
520 |a "Economic performance has been broadly favorable. Despite difficult conditions, real GDP growth has proved resilient in the context of low inflation and strong international reserves. The policy mix has deviated from program expectations. Significant revenue shortfalls and expenditure overruns raised the fiscal deficit and domestic borrowing needs, and hindered an opportunity to ease monetary policy more markedly. Policies are set to return to the envisaged path. To reverse course, the authorities intend to adopt a package of tax measures, efficiency gains, rationalization of spending, and reduction of arrears. The tighter fiscal stance would create space for further interest rate declines and support private sector credit expansion. However, with deteriorating bank asset quality, strengthening financial oversight will be crucial. Progress has been made on structural reforms, but further steps are needed. Starting the construction of the two hydropower projects without further delay, approving and regulating the Public Financial Management Bill, and strengthening accounting controls are crucial steps in the reform effort. The expected amendments to the Bank of Uganda Act should support the inflation targeting regime. Downside risks to the program are significant. Success of the adjustment efforts will depend critically on parliament's approval of the entire revenue package and government's subsequent ability to enforce tax collections and resist further spending pressures in a pre-electoral year. Based on the proposed policies, staff supports completion of the second PSI review. Quantitative assessment criteria were met with the exception of the ceiling on net domestic financing, missed by a small margin, to which staff supports a waiver. The PFM- related structural benchmarks were observed, and others are proposed to be redefined or postponed given their good prospects for completion"--Abstract. 
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650 0 |a Economic indicators  |z Uganda. 
650 0 |a Fiscal policy  |z Uganda. 
650 0 |a Monetary policy  |z Uganda. 
650 0 |a Structural adjustment (Economic policy)  |z Uganda. 
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