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Without external help, Uganda’s foreign exchange reserves will fall to under two months of import cover in 2020/21 and leave the country in a vulnerable position, the International Monetary Fund said in a statement issued on Friday.
“Absent external support, the expected deterioration in the current, capital and financial accounts would result in a sharp decline of the Bank of Uganda’s (BoU) reserve buffer,” the IMF said.
“This would be below the adequate level of reserves for Uganda, and would leave the country in a vulnerable position,” it added. (Reuters/NAN)
