https://en.sputniknews.africa/20240912/imf-predicts-ugandas-economic-growth-to-reach-double-digits-next-year-on-back-of-oil-production-1068248043.html
IMF Predicts Uganda's Economic Growth to Reach Double Digits Next Year on Back of Oil Production
IMF Predicts Uganda's Economic Growth to Reach Double Digits Next Year on Back of Oil Production
Sputnik Africa
After nearly two decades of delays, Uganda is on the verge of beginning the production and export of crude oil next year from its western oil fields. 12.09.2024, Sputnik Africa
2024-09-12T12:08+0200
2024-09-12T12:08+0200
2024-09-12T12:50+0200
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The International Monetary Fund (IMF) has forecast that Uganda's economic growth will soar to double digits with the commencement of commercial crude oil production in the upcoming financial year. According to the IMF, the initiation of oil production is expected to result in sustainable improvements in both the fiscal and current account balances.According to an IMF report released late Wednesday, Uganda's economy is anticipated to grow by 10.8% in the 2025/2026 fiscal year, starting in July, a significant increase from the previously expected growth rate of 6.2%.Commercial oil reserves were first identified in 2006, but various challenges, including disagreements over development strategies and inadequate infrastructure, have postponed production.At its peak, Uganda is projected to produce 240,000 barrels of oil per day from its estimated 6.5 billion barrels of reserves.
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economy, uganda, international monetary fund (imf), east africa, oil, gas, development, economic growth
economy, uganda, international monetary fund (imf), east africa, oil, gas, development, economic growth
IMF Predicts Uganda's Economic Growth to Reach Double Digits Next Year on Back of Oil Production
12:08 12.09.2024 (Updated: 12:50 12.09.2024) Muhammad Nooh Osman
Writer/Editor
After nearly two decades of delays, Uganda is on the verge of beginning the production and export of crude oil next year from its western oil fields.
The International Monetary Fund (IMF) has forecast that Uganda's economic growth will soar to double digits with the
commencement of commercial crude oil production in the upcoming financial year. According to the IMF, the initiation of oil production is expected to result in sustainable improvements in both the fiscal and current account balances.
According to an IMF report released late Wednesday, Uganda's economy is anticipated to grow by 10.8% in the 2025/2026 fiscal year, starting in July, a significant increase from the previously expected growth rate of 6.2%.
Commercial
oil reserves were first identified in 2006, but various challenges, including disagreements over development strategies and inadequate infrastructure, have postponed production.
At its peak, Uganda is projected to produce 240,000 barrels of oil per day from its estimated 6.5 billion barrels of reserves.
