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 the East African economy, including tourism, had been severely impacted by the crisis, with the lockdown of the entire population exacerbating the situation.
According to the IMF, the weakening economic conditions caused by the pandemic have put significant pressures on revenue collection, expenditure, reserves, and the exchange rate, creating urgent large external and fiscal financing needs.
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 this loan, which will help cushion the impact of the pandemic.
