During the pandemic, Uganda benefited from several multi-lateral debt initiatives to counter the pandemic and restore economic recovery including benefiting from the global allocation of SDRs with the equivalent of US$491.5 Million (about 1% of Uganda’s GDP))3 Uganda is holding of SDR as share of cumulative SDR allocations is less than 100% suggesting usage of the SDR allocations thereby attractin. [...] The economic recovery of Uganda in the aftermath of the COVID-19 pandemic presents a multifaceted challenge, with a critical focus on the country's public financing landscape and the potential utilization of Special Drawing Rights (SDRs) in the recovery process adds another layer of complexity. [...] The team drew review questions from the ToRs to get information on the following key issues: ★ What is the current state of Uganda's public financing landscape in the aftermath of the COVID-19 pandemic? ★ How can Uganda optimize its public financing mechanisms to support economic recovery and mitigate the negative effects of the pandemic? ★ How transparent and accountable was Uganda in the utiliza. [...] The health sector received the largest share of 40%, reflecting the government's prioritization of strengthening the healthcare system in response to the pandemic. [...] Parliament instituted an audit into the expenditure of COVID-19 funds by the OAG that unearthed cases of mismanagement of the funds but without follow-up actions 3.5 Gaps in the debt management policies especially SDRs The gaps and challenges in the management of SDRs in Uganda include; Inadequate Reporting and Transparency: Transparency and reporting are essential for the effective management of.
Authors
- Pages
- 25
- Published in
- Zimbabwe
Table of Contents
- Table of Contents 2
- List of tables 2
- List of Figures 2
- Acronyms and Abbreviations 3
- ACRONYM MEANING 3
- 1.0 BACKGROUND AND CONTEXT 4
- 1.1 Introduction 4
- EXECUTIVE SUMMARY 5
- 1.2 Methodology and Scope 6
- 1.3.1 Scope 6
- 1.3.2 Study Limitations 6
- Data Availability 6
- Data Reliability 7
- 1.4 Ugandas public financing architecture 7
- Figure 1-1 Trend of budget financing FY 201718 to FY 202324 7
- 2.0 UGANDAS PUBLIC FINANCING OPTIONS 8
- 2.1 Understanding SDR allocations What are they and how are they used 8
- Composition 8
- Valuation 8
- Allocation 8
- Use 8
- Interest 9
- Role in Global Reserves 9
- Global Financial Crises 9
- 2.2 Trend of SDR Allocations to Uganda 9
- 3.0 EVOLUTION OF UGANDAS PUBLIC DEBT 10
- 3.1 Overview of Ugandas debt structure the key players and holders 10
- Figure 3-2 Composition of Ugandas lenders FY201314 - FY202223 11
- 3.1.2 Concessionality 11
- Figure 3-3 Share of external Debt stock by Concessionality 12
- 3.2 Debt sustainability challenges 12
- Rising trend of Public Debt Levels 12
- Debt-to-GDP Ratio 13
- Debt Service Costs 13
- External Debt Composition 13
- Exchange Rate Volatility 13
- Domestic debt risks 14
- 3.3 Ugandas Debt management policies during and after the COVID-19 crisis 14
- 3.4 Covid-19 pandemic loans to Uganda costs transparency and accountability 15
- 3.4.1 COVID-19 Emergency Loans for Uganda 15
- 3.4.2 COVID-19 Lending Terms and Market Comparison 16
- 3.4.3 Transparency accountability of IFIs and Uganda on COVID recovery funds 16
- Civil society organizations and media have played a crucial role 17
- Uganda did not have established clear guidelines and procedures 17
- 3.5 Gaps in the debt management policies especially SDRs Inadequate Reporting and Transparency 17
- Limited Integration into Monetary and Fiscal Policies 17
- Insufficient Public Awareness and Engagement 18
- Lack of Reporting Requirements 18
- 4.0 KEY FINDINGS 19
- 4.1 How Uganda Used the August 2021 SDRs . 19
- 4.1.1 SDR impact on Ugandas forex reserves and future SDR holding 19
- 4.1.2 Fiscal support and Impact on social sectors 19
- Supply of ARVs 13 20
- Supply of essential medicines and health supplies 11 20
- Inpatient services 7 20
- Others 23 20
- Allowances for Government-sponsored students teaching training assessment of students research and innovation 20
- Education capitation for UPE USE tertiary institutions inspection and SOPs 32 20
- Assessment of examinations for candidates that will sit for UCE and UACE after the reopening of institutions 20
- Operational expenses including inspection of all education institutions monitoring supervision rent and staff facilitation 20
- Reconstruction of the main building and completion of lecture facilities at law school and the university perimeter wall at Makerere University 20
- Completion of the examination storage facility in Kyambogo 7 20
- Development of secondary including rehabilitation of traditional schools 6 20
- Students Loan Scheme 6 20
- Others 35 20
- Construction of a mix of 17 medium and large solar-powered systems in sub- counties with the lowest safe water coverage. 21
- Payment of retentions for Nyarwodo GFS Lirima GFS 6 6 21
- 4.2 Best practices on the implementation of SDRs 21
- Transparent and accountable allocation 21
- Targeted use of SDRs 21
- Capacity building and technical assistance 21
- Collaboration and coordination 21
- Monitoring and evaluation 21
- Transparency and accountability in reporting Countries 21
- 4.3 CSOs messaging for SDRs engagement 22
- 5.0 CONCLUSIONS 22
- END NOTES 24
