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This Technical Assistance Report discusses recommendations for strengthening cash management and reviewing of the treasury single account in Uganda. The Cash Management Guidelines in Uganda have been approved. The coverage of the cash resource pool must be precisely defined and non-budget flows excluded. The cash flow forecasting model should continue to be developed along the lines given in previous Technical Assistance reports. The publication and dissemination of the Guidelines will provide authority to the Cash Policy Department to implement a program of training and capacity building within the central government entities in coordination with other directorates of the Ministry of Finance, Planning and Economic Development. This should be started as soon as the Guidelines are released.

Uganda--Economic policy. --- Money and Monetary Policy --- Public Finance --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public finance & taxation --- Monetary economics --- Government cash management --- Treasury Single Account --- Government cash forecasting --- Government debt management --- Currencies --- Public financial management (PFM) --- Money --- Finance, Public --- Debts, Public --- Uganda --- Economic policy.

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This Selected Issues paper examines the profitability of the foreign exchange (FX) swaps issued the Central Bank of Brazil (BCB) between May 2013 and February 2019 to shed light on the rationale for FX intervention. Using interest rate and exchange rate forecasts, the paper shows that that FX swaps have been profitable in expectation, even though actual returns were negative due to unexpected exchange rate depreciations. Moreover, the scale of FX intervention is correlated with the expected profitability of the swaps, further suggesting that the BCB used FX intervention to stem abnormal movements of the exchange rate. Despite being profitable in expectation, swaps incurred realized losses due to unexpected exchange rate depreciations. The analysis suggests that the BCB used FX intervention to lean against temporary excessive movements of the exchange rate. The expected profitability of FX swaps can be monitored in real time and may thus provide guidance on the appropriate level of intervention.

Business cycles. --- Business cycles --- Economic cycles --- Economic fluctuations --- Cycles --- Banks and Banking --- Finance: General --- Foreign Exchange --- Investments: General --- Public Finance --- Portfolio Choice --- Investment Decisions --- Debt --- Debt Management --- Sovereign Debt --- National Budget --- Budget Systems --- Central Banks and Their Policies --- Currency --- Foreign exchange --- Finance --- Public finance & taxation --- Banking --- Macroeconomics --- Exchange rates --- Liquidity --- Public debt --- Currency swaps --- Treasury Single Account --- Economics --- Debts, Public --- Finance, Public --- Brazil

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This paper requests an extension of the 12-month Stand By Arrangement and the Standby Credit Facility Arrangement to obtain enough time to finalize fiscal measures for 2015/16 and implement structural measures under the program. Although at a slower-than-projected pace, the economy continued to expand robustly. Driven by public infrastructure spending, buoyant credit growth, and strong customer demand, real GDP is estimated to have grown by 5.6 percent in 2015. As per the staff's assessment based on recent data, performance under the current program remains broadly satisfactory. Staff fully supports the authorities' request for extensions of the arrangements through March 15, 2016.

Budgeting --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- National Budget --- Budget Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Debt --- Debt Management --- Sovereign Debt --- Current Account Adjustment --- Short-term Capital Movements --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Monetary economics --- Budgeting & financial management --- International economics --- Credit --- Capital budget --- Government debt management --- Balance of payments need --- Treasury Single Account --- Money --- Public financial management (PFM) --- Balance of payments --- Budget --- Debts, Public --- Finance, Public --- Kenya

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This Technical Assistance Report discusses recommendations for implementing the Public Financial Management (PFM) Bill in Uganda. The finalization of the PFM Bill has reached an advanced stage with Parliamentary approval expected in the coming months. The IMF mission strongly recommends that the petroleum revenue management provisions in the Bill are revisited. In particular this should include clearly defining the nature of the funds and its objectives. The reporting arrangements should also be clarified and the specialist audit arrangements specified. Finally, the Bill should be enhanced to ensure that investment risks are limited and to protect against its use as a development fund.

Uganda. --- Jamhuri ya Uganda --- Oeganda --- Ouganda --- Republic of Uganda --- Republik Uganda --- République de l'Ouganda --- République d'Ouganda --- ウガンダ --- Uganda Protectorate --- Accounting --- Budgeting --- Investments: Energy --- Public Finance --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Energy: General --- Public Administration --- Public Sector Accounting and Audits --- Public finance & taxation --- Budgeting & financial management --- Investment & securities --- Public finance accounting --- Treasury Single Account --- Public financial management (PFM) --- Budget planning and preparation --- Oil --- Fiscal accounting and reporting --- Commodities --- Finance, Public --- Budget --- Petroleum industry and trade --- Uganda