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Uganda negotiating with IMF for US$900M budget support loan

Uganda has applied to the International Monetary Fund (IMF) for a US$900M loan to help bolster its shaky finances after the COVID-19 pandemic hammered its economy, a top finance ministry official said on Wednesday.“We have applied, negotiations are ongoing,” Deputy Treasury Secretary Patrick Ocailap told Reuters.“We have not yet concluded negotiations on the loan but we hope it will be approved soon.”The loan would be for general budget support and would be disbursed over three fiscal years, he said. The country’s next fiscal year starts in July.Uganda imposed one of Africa’s tightest anti-coronavirus lockdowns, which included a shuttering of all businesses except the most essential. Economic activity subsequently nosedived, with GDP contracting by 1.1% last year.

Source: Further Africa

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