{UAH} LETTER OF INTENT FROM MARIA KIWANUKA AND TUMUSIIME TO CHRISTINE LAGARDE OF THE IMF
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Ms. Christine Lagarde
Managing Director
International Monetary Fund
Washington, DC 20431
Dear Ms. Lagarde:
On behalf of the Government of Uganda, I would like to provide you with an update on the progress
we have achieved under our economic program supported by the IMF's Policy Support Instrument
(PSI). Economic growth has been stronger than expected, inflation has been reduced close to our
5 percent medium-term target, credit growth is accelerating, and the external position has been
strong enough to allow an accumulation of reserves significantly higher than programmed. In light
of these favorable developments, and in consideration that all December 2012 quantitative
assessment criteria under the program were met, we request completion of the sixth and final
review under our PSI-supported program.
Going forward, we have developed a strong program of economic reform aimed at achieving broadbased growth, generating employment, and eradicating mass poverty. Specific measures will center
on maintaining macroeconomic stability, improving public financial management, raising revenue,
improving the business climate, preparing the economy for oil production and revenue, and
completing the transformation towards full-fledged inflation targeting. To assist us in carrying out
this ambitious reform agenda, the government of Uganda wishes that our existing PSI arrangement,
which runs to August 10, 2013, be cancelled, and that a new three-year PSI-supported program be
approved in support of our reform agenda.
The attached Memorandum of Economic and Financial Policies (MEFP) sets out Government's
objectives for the three-year PSI-supported program, and provides details of the policies to be
pursued in the first year. Government believes the policies set forth in the MEFP are fully sufficient to
achieve the objectives of our PSI-supported program, but as always we stand ready to take any
further measures that may become appropriate for this purpose.
We intend to work with the IMF and other development partners in the implementation of our
program, and will consult with the Fund on the adoption of any such further measures.
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