Uganda: World Bank approves USD300 mln to boost economy and fight COVID-19


Devdiscourse News Desk | Kampala | Updated: 30-06-2020 09:29 IST | Created: 30-06-2020 09:29 IST
Uganda: World Bank approves USD300 mln to boost economy and fight COVID-19
Representative Image Image Credit: Flickr
  • Country:
  • Uganda

The World Bank Board of Directors on June 29 has approved a 300 million dollar budget support operation for Uganda to boost the Government’s capacity to prevent, detect and treat the coronavirus, protect the poor and vulnerable population, and support economic recovery, according to a news report by Relief Web.

Tony Thompson, World Bank Country Manager for Uganda said, "the COVID-19 pandemic has had a significant impact on the economy and livelihoods. This budget support operation will enable the Government to provide vital services, social safety nets, and a more robust shock-responsive system for the long term, and the economy to recover faster,"

As of June 28, Uganda had registered 870 cases of COVID-19 with no fatalities. Containment measures such as restrictions on travel, public gatherings, closure of businesses, and schools have had a severe impact on the economy and people’s livelihoods.

An estimated 3.15 million could fall deeper into poverty, adding to the 8.7 million people Ugandans currently living below the poverty line.

This has been worsened by the onset of heavy rains and flooding, and a locust invasion whose impact was expected during April-June of 2020. Overall economic growth is projected at 3 to 4 percent in FY2019/20, lower than the 6.3 percent that had been anticipated for the year.

Give Feedback