Uganda would receive a three-year, $1 billion financing package under a staff-level agreement announced by the International Monetary Fund (IMF) on Tuesday.

“The authorities’ reform program aims at tackling the near-term impact of COVID-19 and helping Uganda’s recovery by safeguarding macroeconomic stability and generating more inclusive growth,” an IMF press release said.

The $1 billion in credit will support the next phase of the COVID-19 response while strengthening fundamentals needed for economic growth led by the private sector, the release said.

The staff-level agreement is subject to approval by IMF management and the Fund’s executive board, which is expected in the coming weeks, according to the release.

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