UGANDA

UGANDA
Figure 2. Uganda: External Sector Developments
The current account deficit narrowed in FY15/16…
10
8
6
Current Account Deficit
(percent of GDP)
10
8
6
… due to a sharp drop in imports, associated with public
investment delays.
30
20
10
Trade and Service Developments
(percentage change)
Exports of goods
Exports of services
Imports of goods
Imports of services
30
20
10
4
4
0
0
2
2
-10
-10
0
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
0
-20
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
-20
The capital and financial account also declined with lower
FDI and project loans and portfolio outflows.
However, foreign investors’ participation in government
securities has recently rebounded.
12
10
8
6
4
2
0
-2
Financial and Capital Account
(percent of GDP)
Capital transfers
Financial derivatives
Other investment
Portfolio investment
Direct investment
Capital & financial account
12
10
8
6
4
2
0
-2
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Share of Government Securities Held by Offshore Investors
14
(share of total, percent, through August '16)
14
Treasury bills
12
Treasury bonds
12
10
10
8
8
6
6
4
4
2
2
0
0
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Higher infrastructure investments contributed to a buildup of public
and private external debt.
The reserves buffer remains comfortable.
40
30
20
10
External Debt
(percent of GDP)
Private sector external debt
Public sector external debt
40
30
20
10
4,000
3,750
3,500
3,250
3,000
2,750
International Reserve Buffers
Gross reserves (millions of US$)
Months of next year's imports (RHS)
6
5
4
0
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
0
2,500
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
3
Sources: Bank of Uganda and IMF staff calculations.
INTERNATIONAL MONETARY FUND 7