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Introduction
The purpose of this research paper is
to explore and draw conclusions about
the influencing role of International
Financial Institutions (IFIs) on the
COVID-19 recovery agenda in Uganda.
The research investigates the IFIs’
support to COVID-19 relief and
reconstruction, exploring in particular
their focus, areas of investment,
objectives, conditionalities and overall
perspectives on the ‘development
agenda’ from an ecofeminist
perspective. In terms of scope, the
research focuses primarily on the
IMF and World Bank, even though
Uganda receives funding from other
IFIs including the African Development
Bank.
The spread of the COVID-19 pandemic,
coupled with the climate and worsening
debt crises have had far reaching
implications for the Ugandan economy.
In early 2020, at a time when Ugandans
were struggling with a locust invasion
and flooding due to heavy rains, the
COVID-19 pandemic struck and claimed
the lives of many individuals.
To protect lives within the country,
government instituted a number of
restrictions aimed to curb the spread
of the deadly pandemic. These included
school closures, restrictions on public
transport, closure of non-essential
businesses among others. However,
these measures had far reaching
implications on poor people especially
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those in rural and slum areas and those
working within the informal sector. Many
lost their sources of income and means
of survival. Many households remained
without access to basic services such
as water and electricity, and many
lacked access to basic needs of food
and medication. Women were the most
adversely affected as they represent the
largest proportion of the poor within the
country.
To relieve this dire situation, government
sought loans from International Financial
Institutions including the IMF and World
Bank. Loans to a tune of $300 million and
$491.5 million were acquired in 2020 from
the World Bank and IMF respectively. The
government further sought another $1
billion loan from IMF in 2021. These loans
aimed to support efforts to prevent,
contain and manage the pandemic and
lessen its impacts on people’s livelihoods
and incomes.
However, the IMF and World Bank
provided these loans on condition that
government put in place new policy
and institutional reforms, and these
reforms have the effect of limiting the
government’s ability to address poverty
and drive out inequality.
The paper begins with a national
analysis of the COVID impacts. It
then analyses the overall direction of
government’s response and the COVID
projects funded by the IFIs. Finally it
Research on the Influence of International Financial Institutions
on Uganda’s COVID – 19 Recovery Agenda