Uganda's reserves to decline sharply without external help

Friday May 15 2020

forex

Uganda currency notes. The shilling fell from Ush3,665 at the end of February, to Ush3,721 at the beginning of March. PHOTO FILE | NMG 

By REUTERS

Without external help, Uganda’s foreign exchange reserves will fall to under 2 months of import cover in 2020/21 and leave the country in a vulnerable position, the International Monetary Fund said in a statement issued on Friday.

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

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