WASHINGTON, 14 May 2020 / PRN Africa / -- Country Report No. 2020/165 : Uganda : Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Uganda

Author/Editor: International Monetary Fund. African Dept.

Summary: The Ugandan economy is being severely affected by the covid pandemic, although the number of confirmed cases has so far remained relatively low, at 79 on April 27. The economic impact of the pandemic started to be felt even before the first case was reported on March 21, through supply chain disruptions. The authorities' policy response has been timely, scaling up health spending and putting in place bold measures to help contain and mitigate the spread of the disease. The pandemic is exacerbating the economic difficulties caused by heavy rains at the beginning of the year, and the locust infection in the northern part of the country—whose full impact is still unfolding. The pandemic and the related response are dampening revenue collection and putting pressure on the exchange rate and foreign exchange reserves.

SOURCE International Monetary Fund (IMF)