Uganda’s economic recovery gets a shot in the arm with a fresh $120 million loan from the International Monetary Fund (IMF). This follows a successful review of the country’s Extended Credit Facility (ECF) program.
This disbursement marks the fourth installment under the three-year ECF program initiated in 2021. With this latest loan, Uganda’s total access under the program climbs to $870 million, helping the nation combat inflation and recover from the pandemic’s economic fallout.
“Uganda’s economic recovery is gaining momentum, supported by lower inflation and upcoming oil production,” stated IMF Deputy Managing Director Bo Li. He emphasized that the ECF reforms aim to “manage public debt, maintain social spending, and implement reforms that improve governance and private sector growth.”
Adding to the good news, the European Union pledged €218.5 million ($237.1 million) to support eight new Ugandan projects. These initiatives focus on empowering women entrepreneurs, promoting renewable energy, advancing business and human rights, and strengthening agricultural value chains.
Source: Africa Business Insider