IMF gives $1 billion to Uganda for economic revival

Uganda is receiving a helping hand towards the recuperation of its economy.

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.

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