IMF gives $1 billion to Uganda for economic revival

A photo of the International Monetary Fund Office, Washington D.C, USA
International Monetary Fund Office, Washington D.C, USA

The International Monetary Fund announced via an official statement that the organization giving $1 billion to Uganda. The aim of this fund is to help the country’s economy recuperate from the effect of the COVID-19 pandemic.

The loan was disbursed under the IMF’s Extended Credit Facility and will span over the course of three years. The sum of $258 million will be made available to the Ugandan government immediately to augment the country’s budget.

The International Monetary Fund is predicting that a 4.3% growth in Uganda’s economy will occur towards the end of 2021 and throughout 2022. It will eventually come back up to 7% which is where it was before the COVID-19 pandemic hit.

Uganda is currently dealing with a new wave of the COVID-19 virus. The country has 80,000 cases and 1,000 deaths.

--

--

--

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

India losses its grip again in Afghanistan

South African Airways sold to Global Airways and Harith

A photo of South African Airlines aircraft

Iran’s militias on all-out war

Beyond 2023: Post Electoral radicalization in Zimbabwe

Cornwall Insight: Impact of sanctions on Russia to energy

Cornwall Insight: Impact of sanctions on Russia to energy

Boris Johnson urged to improve energy efficiency policy

Boris Johnson urged to improve energy efficiency policy

The attack on Bus Éireann

Repercussions of Washington’s decision against the Houthis

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Business Stance

Business Stance

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

More from Medium

Why did everyone jump off the Peloton cycle-wagon?

The remarkable financial resilience of British households

Why inflation is a monetary phenomenon

Sri Lanka’s Worker Remittance Inflows Lose Steam