Uganda’s reserves will decline sharply without external help – IMF

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Nairobi – Without external help, Uganda’s foreign exchange reserves fall to under months import cover in 2020/21 and leave the country in a vulnerable position, the International Monetary Fund said in a statement issued on Friday.

“Absent external support, the expected deterioration in the current, capital and financial accounts would result in a sharp decline the Bank of Uganda’s (BoU) reserve buffer,” the IMF said.

“This would be below the adequate level reserves for Uganda, and would leave the country in a vulnerable position,” added.