IMF approves Sh52 billion loan for Uganda : The Standard

Uganda will receive an emergency loan worth $491.5 million (Sh52 billion) from the International Monetary Fund (IMF) to help cushion its economy from the impact of the coronavirus.

IMF said in a statement on Wednesday that key sectors of the East African economy such as tourism have taken a heavy blow from the crisis.
The effect has been compounded by a lockdown of the entire population to curb the spread of the virus.
“The weakening economic conditions emanating from the Covid-19 pandemic have put significant pressures on revenue collection, expenditure, reserves and the exchange rate, creating urgent large external and fiscal financing needs,” the IMF said.

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Countries receiving loans extended under the IMF’s Rapid Credit Facility pay no interest and have 10 years to return the money, according to the Fund’s website.

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