Abstract
2017 Article IV Consultation and Eighth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director Uganda
Fund Relations
Uganda: Financial Position in the Fund as of May 31, 2017
Summary of IMF members’ quota, reserve tranche position, SDR holdings, outstanding credit, recent lending arrangements, projected payments due to the IMF, and historical transactions with the IMF.
| Membership Status: Joined: September 27, 1963; | Article VIII | ||
| General Resources Account: | SDR Million | %Quota | |
| Quota | 361.00 | 100.00 | |
| IMF’s Holdings of Currency (Holdings Rate) | 361.01 | 100.00 | |
| Reserve Tranche Position | 0.00 | 0.00 | |
| SDR Department: | SDR Million | %Allocation | |
| Net cumulative allocation | 173.06 | 100.00 | |
| Holdings | 47.00 | 27.16 | |
| Membership Status: Joined: September 27, 1963; | Article VIII | ||
| General Resources Account: | SDR Million | %Quota | |
| Quota | 361.00 | 100.00 | |
| IMF’s Holdings of Currency (Holdings Rate) | 361.01 | 100.00 | |
| Reserve Tranche Position | 0.00 | 0.00 | |
| SDR Department: | SDR Million | %Allocation | |
| Net cumulative allocation | 173.06 | 100.00 | |
| Holdings | 47.00 | 27.16 | |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
Formerly PRGF.
| Type | Date of Arrangement | Expiration Date | Amount Approved SDR Million) | Amount Drawn (SDR Million) |
| ECF 1 | Sep 13, 2002 | Jan 31, 2006 | 13.50 | 13.50 |
| ECF | Nov 10, 1997 | Mar 31, 2001 | 100.43 | 100.43 |
| ECF | Sep 06, 1994 | Nov 17, 1997 | 120.51 | 120.51 |
Formerly PRGF.
| Type | Date of Arrangement | Expiration Date | Amount Approved SDR Million) | Amount Drawn (SDR Million) |
| ECF 1 | Sep 13, 2002 | Jan 31, 2006 | 13.50 | 13.50 |
| ECF | Nov 10, 1997 | Mar 31, 2001 | 100.43 | 100.43 |
| ECF | Sep 06, 1994 | Nov 17, 1997 | 120.51 | 120.51 |
Formerly PRGF.
Overdue Obligations and Projected Payments to Fund 1
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | ||
| Principal | … | … | … | … | … | |
| Charges/Interest | 0.35 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Total | 0.35 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | ||
| Principal | … | … | … | … | … | |
| Charges/Interest | 0.35 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Total | 0.35 | 0.70 | 0.70 | 0.70 | 0.70 | |
Implementation of Multilateral Debt Relief Initiative (MDRI):
| MDRI-eligible debt (SDR Million) 1 | 87.73 | |
| Financed by: MDRI Trust | 75.85 | |
| Remaining HIPC resources | 11.88 | |
| MDRI-eligible debt (SDR Million) 1 | 87.73 | |
| Financed by: MDRI Trust | 75.85 | |
| Remaining HIPC resources | 11.88 | |
Debt Relief by Facility (SDR Million)
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 87.73 | 87.73 |
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 87.73 | 87.73 |
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Decision point - point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance - amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point - point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
Safeguards Assessments:
Under the Fund’s safeguards policy, assessments with respect to the PSI are voluntary. An update assessment of the Bank of Uganda (BOU) was completed on April 10, 2007 and concluded that the BOU had strengthened its safeguards framework since the 2003 assessment. The main achievements included implementation of international financial reporting standards, publication of financial statements, establishment of an audit committee, and strengthening of the internal audit function. Staff recommended addressing remaining vulnerabilities in the legal and internal control areas.
Exchange Rate Arrangement:
The official exchange rate is determined on the interbank market for foreign exchange. Uganda’s de jure exchange rate arrangement is free floating. The authorities intervene in Uganda’s foreign exchange market when short-term fluctuations jeopardize its orderly operation. Therefore, the de facto exchange rate arrangement is classified as floating. As of end-April, 2017, the official exchange rate was USh. 3644.63 per U.S. dollar. Uganda has accepted the obligations of Article VIII, Sections 3, 4 and 5 and the exchange system is free of restrictions on the making of payments and transfers for current international transactions.
Article IV Consultation:
The Executive Board concluded the last Article IV consultation on June 29, 2015. The next Article IV consultation will be held in accordance with the decision on consultation cycles adopted by Decision No. 14747, as amended. Board discussion of the 2017 Article IV consultation is scheduled for July 5, 2017.
Technical Assistance:
Uganda has continued to receive extensive technical assistance from both IMF and East AFRITAC (regional technical assistance center).2
During the period under review, the FAD Fiscal Transparency Evaluation (FTE) report was published in May 2017, following the FTE mission in May 2016—a key sectoral milestone. TA missions in the fiscal sector included: transitioning from output-based to program-based budgeting (November 2016); taking stock of expenditure arrears and strengthening commitment controls (January 2017); revenue forecasting (February 2017); and cash management and Treasury Single Account (January 2017). The cash management mission provided advice on drafting cash management guidelines, strengthening institutional arrangements, and improving the cash forecasting template. A Public Investment Management Assessment mission (PIMA) held in March 2017 made recommendations for enhancing project prioritization and ensuring consistency with the medium-term fiscal framework, and to strengthen project monitoring and evaluation.
In the monetary area, there were technical assistance missions on the Lender of Last Resort in July 2016; Risk-Based Supervision of Insurance (in September 2016) and a Workshop held in February 2017); and Developing Supervisory Procedures for Agency Banking (February 2017). In November 2016, an AFRITAC East mission assisted the BoU in strengthening its oversight responsibilities for financial market infrastructure.
National Accounts Workshops were convened by East AFRITAC (in October 2016 and February 2017) as well as technical assistance missions (in October 2016 and January 2017), in support of the preparation for GDP rebasing through implementation of supply and use tables (SUTs). The mission assisted with the development of quarterly estimates of gross fixed capital formation for the public and private sectors, in both current and constant prices, and assisted the Uganda Bureau of Statistics (UBOS) to formulate a plan for integrating the current annual and quarterly systems for estimating GDP. Government Finance Statistics missions were held (in November 2016 and April 2017) and an EAC-wide GFS Workshop was held in November 2016.
Resident Representative:
The Fund has maintained a resident representative in Uganda since July 1982. Currently, the Resident Representative is Ms. Clara Mira.
Joint World Bank-IMF Work Program
| Title | Products | Provisional Timing of Missions (if relevant) | Expected Delivery Dates |
|---|---|---|---|
| World Bank | The current portfolio consists of 18 national projects with a net commitment of $2.2 billion in IDA credits and grants, and another $255 million in IDA credits for 7 regional projects. In line with the national development agenda, roughly half of the portfolio is supporting infrastructure investments in energy, roads, urban development, and ICT. Other key sectors include agriculture, water, urban development, education, health, and private sector competitiveness. The Bank took a decision to resume new lending to Uganda following review of the country’s portfolio in consultation with the Government of Uganda during the period August 2016 – May 2017. The Bank continues to work actively with the Ugandan authorities to address the outstanding performance issues in the portfolio including delays in project effectiveness, disbursement and concerns around social safeguards. The Bank is committed to support the country’s development. Over the medium term, new IDA resources are targeted for use in Uganda, and these will be deployed in key areas outlined in the World Bank’s Country Partnership Framework (CPF) endorsed by the Bank’s Board on April 21, 2016. New operations include significant support to areas such as improving intergovernmental fiscal transfers through the use of the Program for Results instrument. |
||
| Uganda Intergovernmental Fiscal Transfers Program-for-Results operation (US$200 million equivalent) has been prepared and negotiated. | Board presentation is expected on June 27, 2017 | ||
| Programmatic technical assistance on domestic revenue mobilization is being implemented with initial focus on scope for improved yield from existing tax handles (e.g. customs, excise). Analytical findings could underpin future budget support (no earlier than 2019). | Ongoing | Through December 2018 | |
| Economic update series (two per year) | Ongoing | Next update expected in Summer/Fall 2017 | |
| Debt Management: TA to ongoing establishment of a debt management unit which involves consolidation of functions across departments in MOFPED. | September 2017 | Through June 2018 | |
| Public Investment Management: Building on previous TA from the Bank and other partners, further support to MOFPED in areas of methodology for feasibility studies, setting of parameters, pipeline of projects, and financing framework. There will be parallel TA to strengthen the framework for PPPs, including understanding of fiscal and financial risks. | October 2017 | Through December 2018 | |
| IMF | Statistics | ||
| • Accounts for Natural Resources | June 2017 | July 2017 | |
| • AFE: Consumer Prices/Producer Price | October 2017 | November 2017 | |
| • AFE: National Accounts | November 2017 | December 2017 | |
| • AFE: Government Finance Statistics | November 2017 | December 2017 | |
| • AFE: Consumer Prices/Producer Price | December 2017 | January 2018 | |
| • AFE: Training: GFS - Automating Compilation and Accelerating Dissemination | January 2018 | February 2018 | |
| • AFE: Government Finance Statistics-Revolving Compilation and Dissemination Issues | April 2018 | May 2018 | |
| Fiscal issues | |||
| • Mainstreaming International Taxation | June 2017 | July 2017 | |
| • Cash Management | June 2017 | July 2017 | |
| • Implementation of PFM Recommendations | August 2017 | September 2017 | |
| • AFE: Strengthening Medium-Term Budget Frameworks (MTBFs) | August 2017 | September 2018 | |
| • Follow-up on FTE | September 2017 | October 2017 | |
| • Tax Administration | September 2017 | October 2017 | |
| • Tax and Customs | September 2017 | October 2017 | |
| • AFE: Medium-Term Budget Frameworks (MTBF-2) | October 2017 | November 2017 | |
| • AFE: Strengthening the Medium-Term Approach to Budgeting | October 2017 | November 2017 | |
| • AFE: Improving the coverage and quality of fiscal reporting | October 2017 | October 2017 | |
| • AFE: EAC – Improving budget documentation | January 2018 | February 2018 | |
| • FAD HQ Follow-up Mission | February 2018 | March 2018 | |
| • Forecasting GDP for the Budget | February 2018 | March 2018 | |
| • Revenue forecasting | February 2018 | March 2018 | |
| • Follow-up on cash management | February 2018 | March 2018 | |
| Monetary and Financial Sectors | |||
| • AFE: National Training: Assist the Authorities in implementing RBS | July 2017 | July 2017 | |
| • AFE: National Training: Development of supervisory framework for digital channels and products | July 2017 | July 2017 | |
| • Financial Sector Stability | August 2017 | September 2017 | |
| • Inflation Targeting | August 2017 | September 2017 | |
| • Monetary Operational Framework Modernization, including liquidity forecasting | August 2017 | September 2017 | |
| • AFE: National Training: Enhancing Stress Testing Frameworks | September 2017 | October 2017 | |
| • AFE: National Training: Assist the Authorities in implementing RBS for Insurance Companies | October 2017 | November 2017 | |
| • AFE: Review FMI Assessments; provide further training | November 2017 | December 2017 | |
| • AFE: Regional Workshop on Insurance Supervision | December 2017 | January 2018 | |
| Institute for Capacity Development | |||
| Joint IMF/Bank of Uganda Workshop on Forecasting and Policy Analysis | January 2018 | January 2018 | |
| 2017 Article IV consultation and Eighth review of the PSI | May 2017 | July 2017 | |
| Request for PSI | September 2017 | November 2017 | |
| Joint Work Program | Joint DSA update | September/ October 2017 | November 2017 |
| Title | Products | Provisional Timing of Missions (if relevant) | Expected Delivery Dates |
|---|---|---|---|
| World Bank | The current portfolio consists of 18 national projects with a net commitment of $2.2 billion in IDA credits and grants, and another $255 million in IDA credits for 7 regional projects. In line with the national development agenda, roughly half of the portfolio is supporting infrastructure investments in energy, roads, urban development, and ICT. Other key sectors include agriculture, water, urban development, education, health, and private sector competitiveness. The Bank took a decision to resume new lending to Uganda following review of the country’s portfolio in consultation with the Government of Uganda during the period August 2016 – May 2017. The Bank continues to work actively with the Ugandan authorities to address the outstanding performance issues in the portfolio including delays in project effectiveness, disbursement and concerns around social safeguards. The Bank is committed to support the country’s development. Over the medium term, new IDA resources are targeted for use in Uganda, and these will be deployed in key areas outlined in the World Bank’s Country Partnership Framework (CPF) endorsed by the Bank’s Board on April 21, 2016. New operations include significant support to areas such as improving intergovernmental fiscal transfers through the use of the Program for Results instrument. |
||
| Uganda Intergovernmental Fiscal Transfers Program-for-Results operation (US$200 million equivalent) has been prepared and negotiated. | Board presentation is expected on June 27, 2017 | ||
| Programmatic technical assistance on domestic revenue mobilization is being implemented with initial focus on scope for improved yield from existing tax handles (e.g. customs, excise). Analytical findings could underpin future budget support (no earlier than 2019). | Ongoing | Through December 2018 | |
| Economic update series (two per year) | Ongoing | Next update expected in Summer/Fall 2017 | |
| Debt Management: TA to ongoing establishment of a debt management unit which involves consolidation of functions across departments in MOFPED. | September 2017 | Through June 2018 | |
| Public Investment Management: Building on previous TA from the Bank and other partners, further support to MOFPED in areas of methodology for feasibility studies, setting of parameters, pipeline of projects, and financing framework. There will be parallel TA to strengthen the framework for PPPs, including understanding of fiscal and financial risks. | October 2017 | Through December 2018 | |
| IMF | Statistics | ||
| • Accounts for Natural Resources | June 2017 | July 2017 | |
| • AFE: Consumer Prices/Producer Price | October 2017 | November 2017 | |
| • AFE: National Accounts | November 2017 | December 2017 | |
| • AFE: Government Finance Statistics | November 2017 | December 2017 | |
| • AFE: Consumer Prices/Producer Price | December 2017 | January 2018 | |
| • AFE: Training: GFS - Automating Compilation and Accelerating Dissemination | January 2018 | February 2018 | |
| • AFE: Government Finance Statistics-Revolving Compilation and Dissemination Issues | April 2018 | May 2018 | |
| Fiscal issues | |||
| • Mainstreaming International Taxation | June 2017 | July 2017 | |
| • Cash Management | June 2017 | July 2017 | |
| • Implementation of PFM Recommendations | August 2017 | September 2017 | |
| • AFE: Strengthening Medium-Term Budget Frameworks (MTBFs) | August 2017 | September 2018 | |
| • Follow-up on FTE | September 2017 | October 2017 | |
| • Tax Administration | September 2017 | October 2017 | |
| • Tax and Customs | September 2017 | October 2017 | |
| • AFE: Medium-Term Budget Frameworks (MTBF-2) | October 2017 | November 2017 | |
| • AFE: Strengthening the Medium-Term Approach to Budgeting | October 2017 | November 2017 | |
| • AFE: Improving the coverage and quality of fiscal reporting | October 2017 | October 2017 | |
| • AFE: EAC – Improving budget documentation | January 2018 | February 2018 | |
| • FAD HQ Follow-up Mission | February 2018 | March 2018 | |
| • Forecasting GDP for the Budget | February 2018 | March 2018 | |
| • Revenue forecasting | February 2018 | March 2018 | |
| • Follow-up on cash management | February 2018 | March 2018 | |
| Monetary and Financial Sectors | |||
| • AFE: National Training: Assist the Authorities in implementing RBS | July 2017 | July 2017 | |
| • AFE: National Training: Development of supervisory framework for digital channels and products | July 2017 | July 2017 | |
| • Financial Sector Stability | August 2017 | September 2017 | |
| • Inflation Targeting | August 2017 | September 2017 | |
| • Monetary Operational Framework Modernization, including liquidity forecasting | August 2017 | September 2017 | |
| • AFE: National Training: Enhancing Stress Testing Frameworks | September 2017 | October 2017 | |
| • AFE: National Training: Assist the Authorities in implementing RBS for Insurance Companies | October 2017 | November 2017 | |
| • AFE: Review FMI Assessments; provide further training | November 2017 | December 2017 | |
| • AFE: Regional Workshop on Insurance Supervision | December 2017 | January 2018 | |
| Institute for Capacity Development | |||
| Joint IMF/Bank of Uganda Workshop on Forecasting and Policy Analysis | January 2018 | January 2018 | |
| 2017 Article IV consultation and Eighth review of the PSI | May 2017 | July 2017 | |
| Request for PSI | September 2017 | November 2017 | |
| Joint Work Program | Joint DSA update | September/ October 2017 | November 2017 |
Statistical Issues
(as of May 9, 2017)
| I. Assessment of Data Adequacy for Surveillance | |
| General: | |
| Overall data provision is adequate for surveillance purposes, although some shortcomings remain. In July 2016, an e-GDDS implementation assisted the authorities in developing a National Summary Data Page (NSDP) using the Open Data Platform (ODP) to enable public dissemination of the e-GDDS data according to an advance release calendar. The authorities have issued a press release announcing that the NSDP will be launched by end-November. | |
| Real Sector Statistics: | |
| Since 2004 Uganda has been receiving technical assistance (TA) from the East African Technical Assistance Center (East AFRITAC) on the compilation of annual and quarterly national accounts and price statistics. The Uganda Bureau of Statistics (UBOS) has developed supply and use tables (SUT) that include preliminary product balances for 155 activities by 161 products. Rebased GDP estimates for FY2009/10 were released in November 2014. In January 2016, a mission assisted with developing quarterly expenditure approach accounts in current and constant prices. In March 2016, an STA mission provided TA on developing financial accounts by institutional sector. In October 2016, an East AFRITAC mission provided TA on compiling the SUT for 2015. UBOS plans to release the SUT for 2015 in June 2018. | |
| Labor market indicators, such as employment and wages/earnings, are infrequently compiled and disseminated. UBOS aims to compile and disseminate these data categories on an annual basis, but due to resource and data limitations, these data are compiled with a two-year lag. | |
| The consumer price index (CPI) series released in January 2010 were replaced in June 2014 by the new CPI series that uses the expenditure weights from the 2009/2010 Uganda National Household Survey. UBOS compiles and disseminates a producer price index (PPI) for manufacturing (separately for imports and domestic output) and for hotels. A January 2016 mission assisted with developing export and import price indexes and improving the producer price index for hotels and restaurants. Uganda participated in an STA workshop on residential property price indexes (RPPI) and other property price indexes and it has developed the region’s first RPPI. | |
| Government Finance Statistics (GFS): | |
| The Ministry of Finance, Planning and Economic Development (MoFPED) compiles and reports annual (GFSY) budgetary central and local government data and monthly budgetary central government data on a cash basis following the Government Finance Statistics Manual 2014 (GFSM 2014). East AFRITAC is providing technical assistance to the national authorities to expand the coverage and improve the quality of these statistics. The national GFS Technical Working Group, comprising representatives from MOFPED, UBOS and the Bank of Uganda (BOU) are working on the implementation of GFSM 2014 to meet the fiscal statistics requirements of the East African Monetary Union (EAMU) Protocol. With the support of East AFRITAC, the authorities have recently achieved substantial progress in the area of GFS. They have expanded the coverage to the general government sector and have compiled, but not disseminated, general government GFS for fiscal years 2013/14 and 2014/15. In addition, according to current plans, Uganda will disseminate estimates of the stock of financial assets and liabilities by 2017 and will complete implementation of GFSM 2014 by the end of 2017. | |
| Monetary and Financial Statistics (MFS): | |
| Uganda has been submitting monetary data to STA based on standardized report forms (SRFs) since 2009. Starting June 2016, BOU has expanded the coverage of other depository corporations to include deposit taking savings and credit cooperative societies (SACCOs) and compiled SRF-4SR covering other financial corporations. In addition, BOU with support of STA has developed a system to collect information on financial positions with non-residents in the other East African Community (EAC) partner states, to enable the compilation of MFS for the EAC. | |
| Financial sector surveillance: | |
| The BOU reports all 12 core financial soundness indicators (FSIs) and 7 of the 13 encouraged FSIs for deposit takers, an FSI for households, and 2 FSIs for real estate markets. All FSIs are reported on a quarterly basis for posting on the IMF’s FSI website. | |
| External Sector Statistics (ESS): | |
| The BOU compiles quarterly balance of payments and international investment position (IIP) statistics based on BPM6 The oldest time series of BPM6-based quarterly balance of payments and IIP are Q1-2001 and Q1-1999, respectively. As part of the EAC under the DFID Balance of Payments Module 2, Uganda should continue developing source data for services, specifically construction services, address intra-EAC trade discrepancies and apply a common approach to estimating cross-border informal trade. Separating balance of payments transactions from other flows, such as revaluations and other volume changes, may improve measurement of IIP financial stocks. | |
| II. Data Standards and Quality | |
| Uganda implemented the e-GDDS recommendations in November 2016. It is already publishing all the fifteen data categories recommended under the e-GDDS on its National Summary Data Page and is well on track to becoming an SDDS subscriber. | In July 2006, a Report on the Observance of Standards and Codes (ROSC) was published. |
| III. Reporting to STA | |
| Uganda reports government finance statistics (GFS) data according to the GFSM 2014 framework for the GFS Yearbook, but does not report any high frequency data for inclusion in the International Financial Statistics (IFS). | |
| I. Assessment of Data Adequacy for Surveillance | |
| General: | |
| Overall data provision is adequate for surveillance purposes, although some shortcomings remain. In July 2016, an e-GDDS implementation assisted the authorities in developing a National Summary Data Page (NSDP) using the Open Data Platform (ODP) to enable public dissemination of the e-GDDS data according to an advance release calendar. The authorities have issued a press release announcing that the NSDP will be launched by end-November. | |
| Real Sector Statistics: | |
| Since 2004 Uganda has been receiving technical assistance (TA) from the East African Technical Assistance Center (East AFRITAC) on the compilation of annual and quarterly national accounts and price statistics. The Uganda Bureau of Statistics (UBOS) has developed supply and use tables (SUT) that include preliminary product balances for 155 activities by 161 products. Rebased GDP estimates for FY2009/10 were released in November 2014. In January 2016, a mission assisted with developing quarterly expenditure approach accounts in current and constant prices. In March 2016, an STA mission provided TA on developing financial accounts by institutional sector. In October 2016, an East AFRITAC mission provided TA on compiling the SUT for 2015. UBOS plans to release the SUT for 2015 in June 2018. | |
| Labor market indicators, such as employment and wages/earnings, are infrequently compiled and disseminated. UBOS aims to compile and disseminate these data categories on an annual basis, but due to resource and data limitations, these data are compiled with a two-year lag. | |
| The consumer price index (CPI) series released in January 2010 were replaced in June 2014 by the new CPI series that uses the expenditure weights from the 2009/2010 Uganda National Household Survey. UBOS compiles and disseminates a producer price index (PPI) for manufacturing (separately for imports and domestic output) and for hotels. A January 2016 mission assisted with developing export and import price indexes and improving the producer price index for hotels and restaurants. Uganda participated in an STA workshop on residential property price indexes (RPPI) and other property price indexes and it has developed the region’s first RPPI. | |
| Government Finance Statistics (GFS): | |
| The Ministry of Finance, Planning and Economic Development (MoFPED) compiles and reports annual (GFSY) budgetary central and local government data and monthly budgetary central government data on a cash basis following the Government Finance Statistics Manual 2014 (GFSM 2014). East AFRITAC is providing technical assistance to the national authorities to expand the coverage and improve the quality of these statistics. The national GFS Technical Working Group, comprising representatives from MOFPED, UBOS and the Bank of Uganda (BOU) are working on the implementation of GFSM 2014 to meet the fiscal statistics requirements of the East African Monetary Union (EAMU) Protocol. With the support of East AFRITAC, the authorities have recently achieved substantial progress in the area of GFS. They have expanded the coverage to the general government sector and have compiled, but not disseminated, general government GFS for fiscal years 2013/14 and 2014/15. In addition, according to current plans, Uganda will disseminate estimates of the stock of financial assets and liabilities by 2017 and will complete implementation of GFSM 2014 by the end of 2017. | |
| Monetary and Financial Statistics (MFS): | |
| Uganda has been submitting monetary data to STA based on standardized report forms (SRFs) since 2009. Starting June 2016, BOU has expanded the coverage of other depository corporations to include deposit taking savings and credit cooperative societies (SACCOs) and compiled SRF-4SR covering other financial corporations. In addition, BOU with support of STA has developed a system to collect information on financial positions with non-residents in the other East African Community (EAC) partner states, to enable the compilation of MFS for the EAC. | |
| Financial sector surveillance: | |
| The BOU reports all 12 core financial soundness indicators (FSIs) and 7 of the 13 encouraged FSIs for deposit takers, an FSI for households, and 2 FSIs for real estate markets. All FSIs are reported on a quarterly basis for posting on the IMF’s FSI website. | |
| External Sector Statistics (ESS): | |
| The BOU compiles quarterly balance of payments and international investment position (IIP) statistics based on BPM6 The oldest time series of BPM6-based quarterly balance of payments and IIP are Q1-2001 and Q1-1999, respectively. As part of the EAC under the DFID Balance of Payments Module 2, Uganda should continue developing source data for services, specifically construction services, address intra-EAC trade discrepancies and apply a common approach to estimating cross-border informal trade. Separating balance of payments transactions from other flows, such as revaluations and other volume changes, may improve measurement of IIP financial stocks. | |
| II. Data Standards and Quality | |
| Uganda implemented the e-GDDS recommendations in November 2016. It is already publishing all the fifteen data categories recommended under the e-GDDS on its National Summary Data Page and is well on track to becoming an SDDS subscriber. | In July 2006, a Report on the Observance of Standards and Codes (ROSC) was published. |
| III. Reporting to STA | |
| Uganda reports government finance statistics (GFS) data according to the GFSM 2014 framework for the GFS Yearbook, but does not report any high frequency data for inclusion in the International Financial Statistics (IFS). | |
Table of Common Indicators Required for Surveillance (June 13, 2017)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, rates of treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular and not available (NA)
Reflects the assessment provided in the data ROSC (published on July 12, 2006, and based on the findings of the mission that took place during the February 9-22, 2006) for dataset corresponding to the variable in each row. The data ROSC mission did not cover monetary and financial statistics. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis of recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO) and not available (NA).
Same as footnote 5, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Table of Common Indicators Required for Surveillance (June 13, 2017)
| Table of Common Indicators Required for Surveillance (June 13, 2017) | |||||||
|---|---|---|---|---|---|---|---|
| Date of Latest Observation | Date Received | Frequency of Data4/ | Frequency of Reporting4/ | Frequency of Publication4/ | Memo Items: | ||
| Data Quality -Methodological Soundness5/ | Data Quality -Accuracy and Reliability6/ | ||||||
| Exchange Rates | May 12, 2017 | May 19, 2017 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1/ | March, 2017 | April 30, 2017 | M | M | M | ||
| Reserve/Base Money | April, 2017 | June 5, 2017 | M | M | M | ||
| Broad Money | April, 2017 | June 5, 2017 | M | M | M | ||
| Central Bank Balance Sheet | April, 2017 | June 5, 2017 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | April, 2017 | June 5, 2017 | M | M | M | ||
| Interest Rates2/ | May 12, 2017 | May 19, 2017 | D | M | M | ||
| Consumer Price Index | May, 2017 | May 31, 2017 | M | M | M | O,LO,O,O | O,O,LO,O,O |
| Revenue, Expenditure, Balance and Composition of Financing3/- Central Government | April, 2017 | June 6, 2017 | M | M | M | O,LNO,O,LO | O,O,O,O, LO |
| Stocks of Central Government and Central Government-Guaranteed Debt | FY2015/16 | October, 2016 | A | A | A | ||
| External Current Account Balance | Q2 FY2016/17 | April, 2017 | Q | Q | Q | LO,LO,LO,LO | LO,O,O,O,LO |
| Exports and Imports of Goods and Services | April, 2017 | June, 2017 | M | M | M | ||
| GDP/GNP | Q2 FY2016/17 | April, 2017 | Q | Q | Q | LO, LO,O,LO | LO,O,LO,O,O |
| Gross External Debt | FY2015/16 | April, 2017 | A | A | A | ||
| International Investment Position7/ | December 2016 | April 2017 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, rates of treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular and not available (NA)
Reflects the assessment provided in the data ROSC (published on July 12, 2006, and based on the findings of the mission that took place during the February 9-22, 2006) for dataset corresponding to the variable in each row. The data ROSC mission did not cover monetary and financial statistics. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis of recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO) and not available (NA).
Same as footnote 5, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Table of Common Indicators Required for Surveillance (June 13, 2017)
| Table of Common Indicators Required for Surveillance (June 13, 2017) | |||||||
|---|---|---|---|---|---|---|---|
| Date of Latest Observation | Date Received | Frequency of Data4/ | Frequency of Reporting4/ | Frequency of Publication4/ | Memo Items: | ||
| Data Quality -Methodological Soundness5/ | Data Quality -Accuracy and Reliability6/ | ||||||
| Exchange Rates | May 12, 2017 | May 19, 2017 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1/ | March, 2017 | April 30, 2017 | M | M | M | ||
| Reserve/Base Money | April, 2017 | June 5, 2017 | M | M | M | ||
| Broad Money | April, 2017 | June 5, 2017 | M | M | M | ||
| Central Bank Balance Sheet | April, 2017 | June 5, 2017 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | April, 2017 | June 5, 2017 | M | M | M | ||
| Interest Rates2/ | May 12, 2017 | May 19, 2017 | D | M | M | ||
| Consumer Price Index | May, 2017 | May 31, 2017 | M | M | M | O,LO,O,O | O,O,LO,O,O |
| Revenue, Expenditure, Balance and Composition of Financing3/- Central Government | April, 2017 | June 6, 2017 | M | M | M | O,LNO,O,LO | O,O,O,O, LO |
| Stocks of Central Government and Central Government-Guaranteed Debt | FY2015/16 | October, 2016 | A | A | A | ||
| External Current Account Balance | Q2 FY2016/17 | April, 2017 | Q | Q | Q | LO,LO,LO,LO | LO,O,O,O,LO |
| Exports and Imports of Goods and Services | April, 2017 | June, 2017 | M | M | M | ||
| GDP/GNP | Q2 FY2016/17 | April, 2017 | Q | Q | Q | LO, LO,O,LO | LO,O,LO,O,O |
| Gross External Debt | FY2015/16 | April, 2017 | A | A | A | ||
| International Investment Position7/ | December 2016 | April 2017 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, rates of treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular and not available (NA)
Reflects the assessment provided in the data ROSC (published on July 12, 2006, and based on the findings of the mission that took place during the February 9-22, 2006) for dataset corresponding to the variable in each row. The data ROSC mission did not cover monetary and financial statistics. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis of recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO) and not available (NA).
Same as footnote 5, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
For a description of technical assistance provided prior to November 2016, see the staff report for Uganda: Seventh Review Under the Policy Support Instrument (IMF Country Report No. 17/7). Refer to the staff report for Uganda First Review Under the Policy Support Instrument (IMF Country Report No. 13/375) for the details on technical assistance for the second half of 2013; to the staff report for Uganda Second Review Under the Policy Support Instrument (IMF Country Report No. 14/195) for the details on technical assistance for the first half of 2014; to the Third Review Under the Policy Support Instrument (IMF Country Report No. 14/344) for the details on technical assistance for the second half of 2014; to the 2015 Article IV Consultation and Fourth Review Under the Policy Support Instrument (IMF Country Report No. 15/175) for technical assistance for the first half of 2015; and to the staff report for Uganda: Fifth Review Under the Policy Support Instrument (IMF Country Report No. 15/321) for the details on technical assistance through February 2016. For a description of technical assistance provided prior to June 2016, see the staff report for Uganda: Sixth Review Under the Policy Support Instrument (IMF Country Report No. 16/145).