• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Museveni borrows another USD1 billion to fight Covid-19

Mubiru Ivan by Mubiru Ivan
4 years ago
in National, News
5 0
President Yoweri Museveni

President Yoweri Museveni

ShareTweetSendShare

The International Monetary Fund has agreed to release about $1 billion (Shs3. 5 trillion) in funding to Uganda to support the nation’s economic recovery amid a surge in Covid-19 cases.

Uganda’s economy was hit hard by the Covid-19 crisis. Decade-long gains in poverty reduction were reversed, fiscal balances have deteriorated, and pressures on external buffers have intensified. A mild recovery is underway in some sectors, with economic growth in FY 21/22 expected to reach 4.3 percent before returning to pre-pandemic rates of 6-7 percent in the medium term. The outlook remains highly uncertain, with risks tilted to the downside, including from a resurgence of tighter containment measures linked to higher Covid-19 positivity rates.

The three-year loan approved by the executive board under the fund’s Extended Credit Facility will enable the immediate disbursement of about $258 million to help support the nation’s budget following on $491.5 million in emergency support in May 2020, the IMF said in a statement Monday.

Tao Zhang, Deputy Managing Director and Acting Chair said, “Uganda’s economy has been severely impacted by the COVID-19 global pandemic, which reversed decade-long gains in poverty alleviation and opened up fiscal and external financing gaps. The authorities’ program, supported by a new arrangement under the Extended Credit Facility, focuses on keeping public debt on a sustainable path while improving the composition of spending and advancing structural reforms to create space to finance private investment, foster growth and reduce poverty.”

“Fiscal consolidation, appropriately based on both revenue and expenditure measures during the first year of the authorities’ program, seeks to stabilize the public debt ratio while increasing social spending, including for vaccines. The implementation of the authorities’ Domestic Revenue Mobilization Strategy, better management of public investment, control of domestic arrears and advances in cash management will support the fiscal strategy.”

The loan comes as the government of East Africa’s third-largest economy strives to narrow its fiscal deficit to 6.4% of gross domestic product in the year starting July 1 from an estimated 9.9% in the current period. That forecast assumes that spending won’t be ramped up in 2021-22, and that the government will achieve its target of increasing revenue by 15%.

Uganda is battling a new wave of Covid-19 infections, having confirmed almost 80,000 cases and over 1,000 deaths, according to the latest data from the Ministry of Health.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share1Tweet1SendShare

Related Posts

News

NRM youths once again beat NUP with 90% victory in Kassanda district, MPs Kabuye, Nsamba fear for their seats

8th July 2025 at 11:13
News

Reason Over Regulation: President Yoweri Museveni Urges Ugandans to Embrace Science and Reason in Natural Resources Management

8th July 2025 at 09:15
Sudhir Ruparelia is the undisputed king of Kampala
Business

Why Sudhir Ruparelia is Ahead of John Bosco Muwonge in the Class of Billionaires

8th July 2025 at 00:42
Next Post

South Africa ex-president Zuma sentenced to 15 months imprisonment

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1118 shares
    Share 447 Tweet 280
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    45 shares
    Share 18 Tweet 11
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2287 shares
    Share 915 Tweet 572
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    30 shares
    Share 12 Tweet 8
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    46 shares
    Share 18 Tweet 12
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

NRM youths once again beat NUP with 90% victory in Kassanda district, MPs Kabuye, Nsamba fear for their seats

8th July 2025 at 11:13

Reason Over Regulation: President Yoweri Museveni Urges Ugandans to Embrace Science and Reason in Natural Resources Management

8th July 2025 at 09:15

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

NRM youths once again beat NUP with 90% victory in Kassanda district, MPs Kabuye, Nsamba fear for their seats

8th July 2025 at 11:13

Reason Over Regulation: President Yoweri Museveni Urges Ugandans to Embrace Science and Reason in Natural Resources Management

8th July 2025 at 09:15

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda