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Oxfam Appeals for Accountability in Allocation Shs 1.8 Tn IMF Loan

This week the International Monetary Fund (IMF) granted an emergency loan request by Uganda worth 491.5 Million Dollars, or roughly, 1.8 trillion shillings, meant to help alleviate the various socio-economic challenges posed by Covid-19.

Civil Society Organizations (CSOs) led by Oxfam Uganda have now come out to appeal for accountability and transparency in the manner this money will be used.

The experts are concerned over Uganda’s track record in utilization of public resources and lack of proper planning.

As such, CSOs say the only way these funds can be equitably put to use is if stringent spending measures are instituted.

“The IMF should ensure that the commitments of the Ugandan authorities translate into clear guidelines that are accessible to the citizens. The impact of this pandemic shows that there is an urgent need for financing and yet there is a tendency for rush decisions,” the CSOs said in a communiqué.

The CSOs want IMF to support fiscal consolidation measures to deal with mobilization of domestic revenue and ensure that the vulnerable are not constrained.

At the same time, Oxfam says heightened public spending should be channeled to health, education, social development and agriculture sectors.

“Our basis for asking for this practice is rooted in the special nature of financing facilities such as loans. Loan obligations stretch across generations and its burdens are higher if they are misused,” they argue.

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