This archive report was first published on 8 May 2020.
On May 8, 2020, the International Monetary Fund (IMF) approved an emergency loan worth $491.5 million (Sh52 billion) for Uganda to help the country's economy recover from the effects of the coronavirus pandemic.
The IMF stated that key sectors of Uganda's economy, including tourism, have been severely impacted by the crisis, with the entire population under lockdown to curb the spread of the virus.
According to the IMF, the economic conditions in Uganda have been weakened by the pandemic, resulting in significant pressures on revenue collection, expenditure, reserves, and the exchange rate.
Under the IMF's Rapid Credit Facility, countries receiving loans pay no interest and have 10 years to return the money.
Uganda's economy is expected to benefit from the emergency loan, which will help alleviate the financial strain caused by the pandemic.
Related Topics: IMF, Coronavirus, Loans
