ABSTRACT

Efficacy of COVID-19 Macroeconomic Policy Responses in Uganda   [open pdf - 0B]

From the Abstract: "COVID-19 [coronavirus disease 2019] has caused an unprecedented economic and health shock in Uganda, as has been the case globally. After the World Health Organization announcement that COVID-19 was a global pandemic, the government of Uganda undertook decisive measures to abate the spread of the virus through adopting COVID-19 containment measures. Also, in anticipation of the distortionary effects of COVID-19 on Uganda's economy through the external and domestic effects channels, the government adopted an expansionary fiscal and monetary policy alongside financial sector interventions. Fiscal policy interventions involved the following: tax relief measures; government expenditure through extending seed capital to vulnerable groups; strengthening health systems; enhancing the supply of agriculture inputs through the use of e-vouchers; banning the disconnection of users from utilities such as water and electricity; and payment of domestic arrears, among others. Monetary policy interventions included reducing the central bank rate (CBR) to 7%, its lowest level since inception in 2011. Financial sector intervention involved credit relief, asset quality support and liquidity support measures alongside supporting a reduction in mobile money charges. As such, this paper explores the macroeconomic impact of COVID-19 on Uganda's economy, the macroeconomic policy choices undertaken and, finally, inclusiveness and viability of the various macroeconomic policy choices undertaken."

Author:
Publisher:
Date:
2021?
Series:
Copyright:
International Development Research Centre; Centre for the Study of African Economies; South African Institute of International Affairs
Retrieved From:
Advocates Coalition for Development and Environment: https://www.acode-u.org/
Media Type:
application/pdf
URL:
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