Potential Fiscal Measures by the Bank of Uganda

Today, the novel Coronavirus otherwise scientifically known as COVID-19 is wreaking havoc on economies on a global scale, but nowhere is this more evident than in the already challenged African economies such as Uganda. In a press release dated April 9th 2020, The World Bank predicts and the first economic recession in over 25 years to hit sub-Saharan economies on account of this global pandemic. Uganda’s central bank, Bank of Uganda, the establishment mandated to maintain economic stability through its control over the monetary policy, commercial banks and other banking and non-banking institutions in the financial sector is uniquely positioned to rapidly and creatively respond in such a way that the lowest income earner is not left to starve.