News IMF: Uganda's reserves will decline sharply without external help

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IMF: Uganda’s reserves will decline sharply without external help

News IMF: Uganda's reserves will decline sharply without external help

The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido-File Photo

Without external help, Uganda’s foreign exchange reserves will fall to under 2 months of import cover in 2020/21 and leave the country in a vulnerable position, the International Monetary Fund said in a statement issued on Friday.

“Absent external support, the expected deterioration in the current, capital and financial accounts would result in a sharp decline of the Bank of Uganda’s (BoU) reserve buffer,” the IMF said.

“This would be below the adequate level of reserves for Uganda, and would leave the country in a vulnerable position,” it added.

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