Ministry of Finance

Pictorial: Mining & Energy Luncheon at Palace of Westminster,House of Lords. Among the Lords present were: Lord Bellingham Henry & Lord Cecil Valentine.

UGANDA SEEKS SERIOUS & MUTUALLY BENEFICIAL PARTNERSHIPS-SAYS PSST GGOOBI: The PSST @rggoobi has invited the United Kingdom investors to partner,invest and prosper with Uganda. Dr.Ggoobi made the remarks this morning at the Mining and Energy luncheon organised by @UGHighCommLDN in partnership with the Eastern Africa Association and Westminster Africa Business Association. The luncheon was hosted at the Palace of Westminster,House of Lords in London,UK under the theme: 'Opportunities for Growth & Investment' Ggoobi said Uganda stands at the intersection of resource abundance,policy reform,and rising global demand for energy transition materials. "We are not simply resource rich;we are investment ready," said @rggoobi adding that Uganda is endowed with over 30 commercially relevant minerals. The Uganda High Commissioner to the UK, Nimisha Madhvani said Uganda today stands at an exciting point in its development journey with the leadership of His Excellency @KagutaMuseveni "With a stable macroeconomic environment, a young and enterprising population, and a strategic location in East Africa, Uganda is increasingly positioning itself as a gateway to the region," she said.

IMF/WB SPRING MEETINGS 2026 @newvisionwire

The Minister of State for Finance in charge of Planning and Chair of African Peer Review (APR) Committee of APRM Focal Points @AmosLugoloobi today opened the Voluntary National Reviews (VNRs) engagement in Sandton, South Africa. The VNRs involve a critical assessment of countries on how they handle political & economic governance issues; human rights & gender equality;transparency and accountability when handling public finances/goods as well as integrated planning & budgeting, coordination, monitoring & evaluation of public projects.

A truly eventful Spring Meetings ends with echoes of "See you in Thailand." Thank you for your participation. The countdown to Bangkok begins now. 176 days to go! imf.org/en/news/semina…

PSST GGOOBI SAYS UGANDA WELCOMES SUSTAINABLE & RESILIENT FINANCING: The PSST @rggoobi led @mofpedU technical team in a number of meetings during the last round of engagements at the IMF/WB Spring meetings 2026 in Washington D.C which ended yesterday. The @mofpedU team met Mr. Phil Stevens, the Director International Finance of the United Kingdom Foreign, Commonwealth and Development Office. The discussions with the UK official focused on Uganda’s preparedness to mitigate the effects of the conflict in the Middle East, social protection mechanisms for Uganda and management of refugees in the country. The PSST said Uganda's budget is by design resilient and growth led with a specific allocation going towards supporting households to grow more food and create wealth, adding that social protection is also embedded in programmes such as parish development model (PDM). On the question of hosting refugees, Dr. Ggoobi said more resources should be allocated to countries hosting the largest number of refugees to support their integration into the host communities. The PSST and his technical team also met World Bank Officials to discuss the Program for Results (PforR) to support the natural resources, environment, climate change, land and water management program. This PforR objectives include; ensuring availability of adequate and reliable water for different uses, reducing emissions and vulnerability to effects of extreme weather, climate change and disaster as well as restoration and improvement of the management of forests and wetlands for wood,wetland ecotourism value chains and green jobs. MoFPED technical team also separately met the World Bank officials on sustainable financing for Uganda (green bonds) and the proposed PforR in the education sector with special focus on demand driven skills training to improve the productivity, especially of the young people in Uganda.

Results of our #TenfoldGrowthStrategy have started to come out. Our target is double-digit growth next year. The plan? • Investment in ATMS & enablers • Investment in value addition • Expand access to regional markets • Clean-Up; Skill-Up; and Green-Up Uganda • First oil.

Breaking news:Mr. Paul Zhang of mbale industrial Park is set to build a new industrial park in Lusenke in kayunga District on 1,200 acres of land and will create 50,000 jobs for Ugandans. Industries to be built are minerals & agriculture based. @mofpedU @TianTang2002

CLIMATE ACTION BRIEFING: During the15th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action, during the IMF/WB spring Meetings 2026 in Washington D.C., the Minister of State for Finance in charge of General Duties, @henrymusasizi1 said Africa can be part of the global solution to climate change.  “While our continent faces some of the highest climate risks in the world, it is also uniquely positioned to capture the economic opportunities of the green transition. Our vast agricultural potential can make us a breadbasket for the world, while our exceptional solar and renewable energy resources position us as a global powerhouse for clean energy,” he said.  Musasizi on behalf of Uganda, the co-chair of the Coalition said focus on climate action as an engine of growth, jobs, and competitiveness is both timely and critical, adding that evidence shows that climate action, both mitigation and adaptation can turn climate-related challenges into opportunities for resilient and inclusive growth.  He said research shows that adaptation can generate up to $10 in economic benefits for every $1 invested, and that targeted investments in resilience can significantly reduce losses to GDP due to climate change. The Minister said there is urgent need to align macroeconomic strategy, fiscal policy, investment frameworks, and skills development with emerging growth areas of clean power and resilient infrastructure, critical minerals and value-added manufacturing, and climate-smart agriculture.  “How are we translating climate ambition into tangible economic outcomes? How are we balancing short-term macroeconomic pressures with long-term resilience? And how can we scale up investment to unlock growth and jobs?” Musasizi asked fellow Ministers?

PERFORMANCE OF THE ECONOMY REPORT FOR MARCH,2026 The high frequency indicators of economic activity shows continued strengthening of economic conditions, as highlighted by an upward trend in the Composite Index of Economic Activity (CIEA) over the past months. The index grew by 0.6 percent between January & February 2026, reaching 185.6, a performance underpinned by export growth,rising aggregate demand, stable inflation & steady growth in private sector credit in the months leading to March 2026. The Purchasing Managers’ Index (PMI) was registered at 54.3 in March 2026, up from 54.2 in the previous month, which showed continued improvements in business conditions in the Ugandan private sector. The improvements were mainly observed in output & new orders, prompting firms to increase input (raw material) purchases & hire more staff hence increasing employment. Sentiments about doing business in Uganda remained positive, as shown by the Business Tendency Index (BTI), which posted 57.83 in March 2026, a reading higher than the threshold of 50. This signalled continued optimism by investors operating in Uganda, especially in the agricultural and financial sectors during the month. Despite the rising fuel costs, annual headline inflation in March 2026 eased to 2.8 percent, down from 2.9 percent in the previous month. This was primarily driven by a slowdown in both core inflation and food crop & related items inflation. In March 2026, the Ugandan Shilling depreciated by 4.5 percent against the US Dollar, having traded at an average midrate of Shs 3,730.53/USD compared to an average of Shs 3,568.23/USD in February 2026. This depreciation of the shilling was partly driven by the global strengthening of the US Dollar which coincided with a strong demand for dollars by corporate entities and local importers who are paying more due to the global supply chain disruptions caused by the geopolitical tensions in the Middle East.          In February 2026, Uganda traded at a deficit worth USD 61.91 million with the rest of the world. This is a deterioration from a deficit of USD 44.54 million registered in February 2025, driven by a surge in the import bill which outpaced the growth in export earnings over this period. However, Uganda’s export earnings grew by 63.7 percent year-on-year to USD 1,374.18 million in February 2026, compared to USD 839.28 million in February 2025. This growth was mainly on account of a significant increase in gold and coffee export receipts over this period. For more details👇👇👇 mepd.finance.go.ug

PIMPLUS OPERATIONS TECHNICAL COMMITTEE INAUGURATED: The Director Budget at the Ministry of Finance, Planning and Economic Development, Mr. Hannington Ashaba, has inaugurated and inducted the Public Investment Management Plus (PIMPLUS) Operation Technical Committee (OTC) at the Speke Resort Munyonyo. PIMPLUS is a flagship reform under the Public Finance Management Reform Strategy (PFMRS) aimed at strengthening public investment management and asset management. It supports the implementation of NDP IV and the Tenfold Growth Strategy through improved project preparation, budgeting, execution, and asset maintenance. Composed of twenty-nine members drawn from seventeen institutions. The OTC is a critical governance structure whose role is to provide operational and technical support to the PIM-PLUS Operation, ensuring the timely implementation of planned targets across all implementing entities. Specifically, the core mandate of the OTC is to provide technical oversight, coordination and alignment of entity allocations and implementation plans with the Program Expenditure Framework (PEF) among others.

UGANDA ENGAGES WORLD BANK AND IMF ON DEVELOPMENT POLICY OPERATION AND EXTENDED CREDIT FACILITY: The Uganda delegation in Washington D.C for the WB/IMF Spring meetings 2026 has met with the World Bank team to discuss the Development Policy Operation (DPO) to support Uganda’s socio-economic transformation agenda through the Tenfold growth strategy. Development Policy Financing (DPF) helps governments to design and implement a program of policy and institutional reforms that promote growth and sustainable poverty reduction. The World Bank will in the coming days undertake a mission to Uganda in line with the DPO, and the focus areas under consideration include; human capital development, fostering private sector led job creation by strengthening fiscal sustainability and policy framework for agro-industrialisation and enabling infrastructure. The Uganda team also had discussions on Uganda’s economy and progress on the Extended Credit Facility (ECF) program for Uganda with the International Monetary Fund (IMF) African Department Director Mr. Abebe Selassie. The ECF provides medium term financial assistance, and is one of the IMF facilities under the Poverty Reduction and Growth Trust. The IMF is also expected to send a mission to Kampala in the days ahead regarding the implementation of the ECF. Both the World Bank and IMF discussed with the Uganda delegation led by the Minister of State for Finance in charge of General Duties Henry Musasizi, the readiness of Uganda to deal with the crisis in the Middle East, tax policy and administrative measures to enhance revenue mobilisation, and debt management among other issues.

PSST @rggoobi speaking this morning in Washington D.C. at the Ministerial Roundtable on Sustainable Solutions,Jobs and self reliance in Refugee situations.

UGANDA DELEGATION MEETS WORLD BANK VICE PRESIDENT FOR AFRICA: The Uganda delegation at the IMF/WB Spring Meetings 2026 in Washington D.C. has met with the World Bank Vice-President for Africa region Mr. Ndiame Diop to discuss developments in Uganda’s economy and the performance the World Bank portfolio in Uganda. The Minister of State for Finance in charge of General Duties @henrymusasizi1 said Uganda’s economy has continued to expand despite the challenging global environment, adding that current GDP stands at 6.3, with a projected growth of between 6.5% and 7% by end of this financial year and double digit over the medium term. “This growth trajectory is well aligned to our ambition to grow the economy tenfold by 2040,” said the Minister. He said World Bank portfolio has grown from USD 3.9 billion as of March 2025 to USD 4.74 Billion now with 18 projects/programs. “We thank the Bank for the approval of the Uganda Cities and Municipal Infrastructure program and additional financing to the Integrated Water Management Development Project. We look forward to the approval of Uganda Tanzania Transmission Line project and additional financing to the Lot 1 of the North Eastern Road Asset Management Project,” said Musasizi. He also said government seeks the Bank’s support in financing using a programmatic approach, the growth drivers of our tenfold strategy including: the Standard Gauge Railway, Hydro power generation, Urban Infrastructure, drainage and waste management, transmission line and substations in mainly Industrial parks and private sector support especially access to credit in addition to Development Policy Operations. The Banks' Vice- President lauded Uganda for the macroeconomic stability but urged Uganda to translate growth of the economy into good jobs and poverty reduction. He also commended Uganda for her solidarity with refugees, adding that the Bank is ready to develop a programme to support Uganda in hosting the refugees. Mr. Diop also called for efficiency in the implementation of projects and improvement in the disbursement of funds. The delegation also had a session with the World Bank on INVITE-Export guarantee scheme & the recommendations are that INVITE should be restructured to meet the expectations of the beneficiaries. Another session was held on the energy sector in Uganda to agree on the key reforms that must be implemented to improve the performance of the energy sector. In a separate meeting, Uganda’s delegation met with Japan International Cooperation Agency officials Yushi Nagano, the Head of Africa Investment and Shinohara Shunei, the Africa Department Senior Deputy Director General to discuss the financing of projects in Uganda. The key projects are the Kampala Flyover project and the Kampala Metropolitan Transmission system already in advanced stages of completion.

KENYA, RWANDA AND UGANDA FINANCE MINISTERS AGREE TO PRIORITISE SGR FINANCING: The Finance Ministers of the East African Partner States of Kenya, Rwanda and Uganda have met in Washington D.C. on the sidelines of the on-going IMF and World Bank 2026 Spring Meetings to discuss the progress of the standard gauge railway (SGR) project.  The meeting was attended by Hon. John Mbadi the Cabinet Secretary for the National Treasury and Economic Planning of Kenya, Hon.Yusuf Murangwa, Minister of Finance and Economic Planning, Rwanda and Hon. Henry Musasizi, the Minister of State for Finance in charge of General Duties, Uganda.  Also, present were Uganda’s Attorney General, Kiryowa Kiwanuka, Permanent Secretary and Secretary to the Treasury Dr. Ramathan Ggoobi, Permanent Secretary, National Treasury of Kenya Dr. Chris Kiptoo and the Head of Development Finance, Ministry of Finance and Economic Development, Rwanda, Gerald Mugabe among other senior government officials of the three partner states.  Kenya’s Cabinet Secretary, Mbadi said his country is committed and is leading in the completion and connection of the standard gauge railway (SGR) to the Malaba border with Uganda. He said there is need for closer cooperation among the partner states to ensure the viability of the project. On behalf of Rwanda, Murangwa said his country is ready and committed to pick up the SGR from the border with Uganda, adding that the SGR project is an opportunity to connect the region and Africa, to reap the benefits of interconnectivity in terms of trade and investment. He applauded Kenya and Uganda for taking lead, adding that Rwanda has an idea of what to expect when time comes to implement the SGR project. On behalf of Uganda, Hon. Musasizi expressed the commitment for Uganda to the SGR project, adding that project implementation has started to connect from Malaba to Kampala. “The viability of this SGR depends on all of us committing to do the project,” said Musasizi, adding that Uganda is also committed to extending the SGR to the borders of Rwanda and Democratic Republic of Congo (DRC). The Permanent Secretary and Secretary to the Treasury, Uganda Dr. Ramathan Ggoobi said Uganda has already contracted the construction of the 270km SGR line from Malaba to Kampala, adding that Uganda has also contracted Citibank to be the lead arranger and coordinator of the required financing. Ggoobi said progress has been made in acquiring the right of way, adding that Uganda is also in talks with the World Bank to support the project. Earlier, the Uganda delegation held talks with the World Bank team led by the Division Director for Kenya, Rwanda, Somalia and Uganda, Qimiao Fan, on financing the standard gauge railway. Ggoobi said SGR is a key project for Uganda which will ease regional connectivity, reduce cargo transport costs and enhance trade competitiveness. The World Bank Division Director said the Bank is ready to support Uganda on this project and will consider the possible opportunities for financing of the project. Uganda delegation led by the Minister of State for General Duties, Henry Musasizi also met the officials from Citibank led by Richard Hodder, the Managing Director and Global Head Export and Agency Finance to discuss progress made in mobilising the required financing for the SGR project.

INTEGRATED WORLD BANK GROUP ACCOUNTABILITY MECHANISM: At the on-going IMF/ WB Spring Meetings in Washington D.C. the Attorney General @KiryowaKk represented Uganda in the Accountability Task Force meeting to review the new integrated World Bank Group Accountability mechanism process which has potential implications for borrowers. Kiryowa said there is need to balance the interests of both the public and private sector adding that the World Bank Independent Accountability Mechanism should recognise the need to consult sovereign states and project managers when carrying out their investigations. He also said its necessary to have sufficient interest in the complaints filed for the panel to investigate effectively. Earlier the PSST @rggoobi participated in the World Bank Africa Group 1 Constituency Panel Meeting.