The Board of Directors of the World Bank gives Uganda $300 million to restore COVID-19 financial gap and support economy.
The Board of Directors of World Bank gives Uganda $300 million as a budget support measure for the government in preventing, detecting, treating coronavirus, protecting the poor and vulnerable and supporting the economic revival.
- World Bank approved a budget support measure of $300 million for Uganda
- As of July 3rd, 920 cases of COVID-19 were reported in Uganda
- Uganda has taken policies that benefit many low-income families directly to secure funding
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Uganda COVID-19 Economic Crisis and Recovery Improvement Policy Funding is the first Budget-backed initiative in more than 6 years and will address the funding gap while supporting reforms that provide immediate relief to individuals and businesses most affected by the epidemic.
“The COVID-19 epidemic has had a significant impact on the economy and livelihoods.
As of July 3rd, 920 cases of COVID-19 were reported in Uganda. Regulatory measures such as travel restrictions, public meetings, closure of businesses and schools have had a serious impact on the economy and people’s livelihoods. It is estimated that 3.15 million people are likely to fall deeper into poverty, and currently, the Ugandans live below the poverty line.
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It has been exacerbated by heavy rains and floods and a grasshopper invasion expected in April-June 2020. In FY2019/20 the overall economic growth of the year is expected to be 3 to 4% below the expected 6.3%.
Uganda has taken policies that benefit many low-income families directly to secure funding. Farmers will be supported to access high-quality agricultural inputs, seeds and fertilizers using e-vouchers to enhance nutrition and food security.
The social work program will be expanded to benefit 500,000 people, while the current Senior Citizens grant will cover an additional 71 counties in support of the elderly.
The National Single Register for Beneficiaries of Safety Net Programs has been established and additional measures have been taken to protect children against violence. This is guaranteed by decreasing unrestricted access to essential uses, such as electricity, water and health services, and extending the tax exemption for materials and equipment used in COVID-19 treatment.
Businesses in distress will seek tax relief from the central bank with cash flow measures to commercial banks, microfinance companies and credit companies to trigger private sector recovery, which allows businesses and individual borrowers to avoid debt repayment. Up to 12 months of infection.
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Also, the government has pledged to pay domestic venues to state-owned companies with strong transparency and management and suppliers.
World Bank Group COVID-19 Response
The World Bank Group, one of the developing countries’ largest sources of funding and knowledge, is taking broad and rapid steps to help developing countries reinforce the epidemic.
We support public health interventions, work to ensure the flow of critical goods and equipment, and help the private sector continue to operate and retain jobs.
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More than 100 countries use up to $160 billion over 15 months to protect the poor and vulnerable, support businesses and improve economic recovery. This includes $50 billion of new ITA resources through grants and high-yield loans.