FOURTH REVIEW UNDER THE POLICY SUPPORT INSTRUMENT AND REQUEST FOR MODIFICATIONOFASSESSMENTCRITERIA—INFORMATIONAL ANNEX
May 22, 2012
The African Department
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This paper focuses on Uganda’s Second Review Under the Policy Support Instrument (PSI) and Request for Modification of Assessment Criteria. Economic performance of Uganda has been broadly favorable. Progress has been made on structural reforms, but further steps are needed. Starting the construction of the two hydropower projects without further delay, approving and regulating the Public Financial Management Bill, and strengthening accounting controls are crucial steps in the reform effort. The expected amendments to the Bank of Uganda Act should support the inflation targeting regime. Based on the proposed policies, the IMF staff supports completion of the second PSI review.
This paper discusses Senegal’s Seventh Review Under the Policy Support Instrument (PSI) and Request for Modification of Assessment Criteria. GDP growth was lower than expected in 2013 but would increase to 4.9 percent in 2014 with a rebound in agriculture, mining, and industry. All quantitative assessment criteria and indicative targets for end-2013 were met, including on the budget deficit despite a significant revenue shortfall. Structural reform implementation has been slow, with many benchmarks met after their respective deadlines. Despite challenging prospects for 2014, the authorities intend to continue reducing the deficit. The IMF staff recommends completion of the seventh PSI review.
This paper discusses Senegal’s First Review Under the Policy Support Instrument (PSI) and Request for Modification of Assessment Criteria. Program performance through September was broadly satisfactory. All end-June assessment criteria were met but the end-June indicative target on tax revenue was missed because of a shortfall in customs revenue. Continued rationalization and better control of public expenditure helped meet the fiscal deficit target despite the shortfall in revenue. All structural benchmarks were met. In line with the IMF’s new debt limits policy, the authorities request the removal of the nonconcessional external debt assessment criteria. The IMF staff supports the authorities’ request for the completion of the first PSI review.
This paper discusses Uganda’s Fifth Review Under the Policy Support Instrument (PSI) and Request for Waiver of an Assessment Criterion and Modification of Assessment Criteria. The economy of Uganda has fared well in a difficult environment. Program performance under the PSI was generally positive. All end-June and continuous quantitative assessment criteria were observed, with one exception, and so were most indicative targets. Inflation remained within the bands of the consultation clause. An unprecedented increase in tax revenue was a key achievement. However, further progress on structural reforms is needed. The authorities are rightly adjusting the policy mix. The IMF staff recommends completing the fifth review under the PSI.
the upside, the potential macroeconomic benefits of oil and gas discoveries are significant.
47. Staff recommends completion of the seventh PSI review and approval of the modificationofassessmentcriteria. All end-June 2018 quantitative assessment criteria and indicative targets were met, with the exception of the indicative target for the quarterly ceiling on the share of the value of public sector contracts signed by single tender. All end-September ITs have been met except for the ITs on the floor on net lending/borrowing, the floor on tax revenues and