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Executive Summary
The spread of the COVID-19 pandemic,
coupled with the climate and worsening
debt crises have had far reaching
implications on the livelihoods of
many Ugandans. As the pandemic
claimed many lives across the country,
the Ugandan Government instituted
several lockdown measures to slow
down its spread. This greatly affected
economic activity, revenue generation
and consequently the Government’s
capacity to fund an adequate response
to the pandemic. The Government
therefore opted for more funding from
International Financial Institutions
(IFIs) including the International
Monetary Fund (IMF) and World Bank
to beef up her fiscal and monetary
response to the crisis. Government
secured loans to a tune of $300 million
and $491.5 million in 2020 from the
World Bank and IMF respectively.
Government further sought another $1
billion loan from IMF in 2021. However,
such funding came with conditions
that government adopt new policy and
institutional reforms recommended by
these institutions.
The purpose of this research paper was
to explore and draw conclusions about
the influencing role of International
Financial Institutions (IFIs) on the
COVID recovery agenda in Uganda. The
research investigated the IFIs’ support
to COVID relief and reconstruction,
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exploring in particular their focus,
areas of investment, objectives,
conditionalities and overall perspectives
on the ‘development agenda’ from an
ecofeminist perspective.
The research study relied on desk-based
research to collect secondary data.
Several documents and data sources
were reviewed including the current
and previous national budgets; various
news reports and studies; the National
Development Plan and Economic
Program documents agreed on with
World Bank and IMF. At the community
level, the research team visited the
Bunyoro region in western Uganda to
interview key informants from three
communities around oil exploration and
extraction projects.
Findings from the research revealed that
the COVID-19 pandemic posed serious
challenges for the Uganda economy and
the Ugandan people, pushing between
1.1 to 3.2 million Ugandan’s into poverty
with women suffering a larger share
of poverty. To make matters worse,
government’s response remained
inadequate, failing to address the needs
of the informal sector and the most
vulnerable.
The loan funds secured from the IMF
and World Bank, came with greater
conditions and increased the influence
of these IFIs over government’s
Research on the Influence of International Financial Institutions
on Uganda’s COVID – 19 Recovery Agenda