May 15, 2020 / 7:26 AM / 17 days ago

Uganda's reserves will decline sharply without external help - IMF

NAIROBI, May 15 (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.

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

“This would be below the adequate level of reserves for Uganda, and would leave the country in a vulnerable position,” it added. (Reporting by George Obulutsa; Editing by Andrew Heavens)

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