IMF Approves $1 Billion to Lift Ugandan Economy Amid Virus Surge
- Board backing allows immediate disbursement of $258 million
- Pandemic reversed decade-long trend of poverty alleviation
People wait for Covid-19 vaccination at Kololo Ceremonial Grounds in Kampala.
Photographer: Hajarah Nalwadda/Xinhua/Getty ImagesThis article is for subscribers only.
The International Monetary Fund agreed to release about $1 billion in funding to Uganda to support the nation’s economic recovery amid a surge in Covid-19 cases.
The three-year loan approved by the executive board under the fund’s Extended Credit Facility will enable the immediate disbursement of about $258 million to help support the nation’s budget following on $491.5 million in emergency support in May 2020, the IMF said in a statement Monday.