Washington D.C, USA – The Permanent Secretary and Secretary to the Treasury of Uganda, Ramathan Ggoobi, announced that Uganda has concluded the 2025 International Monetary Fund/World Bank Annual Meetings in Washington, D.C. He stated that the President of the World Bank Group, Ajay Banga, stressed that development was not just about implementing projects, noting that the World Bank is now focused on unlocking the power of the private sector to create jobs. He added that the IMF observed that the global economy remained resilient despite the sweeping policy distortions by the United States, attributing this to the private sector’s adaptability, with artificial intelligence helping companies cut costs while increasing productivity. He highlighted Singapore, the U.S., and Denmark as leading examples.

Regarding Uganda, Ggoobi reported that concessional financing has returned, with the World Bank set to disburse over $ 2 billion in the next three financial years, adding to the current total investment of $4.9 billion. He explained that the funds would be invested in roads and bridges, electricity transmission and last-mile distribution, infrastructure in regional cities, schools, IT, agriculture, water and irrigation, export guarantee schemes, skilling, and social protection.

He further indicated that the International Finance Corporation (IFC) would provide patient capital to private sector investors in minerals, renewable energy, agro-industrialisation, and science and innovation, and co-invest with the government in State-Owned Enterprises (SoEs). Ggoobi also noted that negotiations continued with the IMF for a new Extended Credit Facility (ECF) program after the elections, targeting reforms such as increasing domestic revenue collection, improving budgeting to eliminate supplementary budgets, and strengthening the financial sector.