(Ecofin Agency) - The International Monetary Fund (IMF) estimates, in a report published on February 15, 2019, that Uganda’s economy should grow by 6.3% during the 2018/2019 (July /June) fiscal year due to the industry and construction sectors.

“Credit to the private sector has improved, helped by a supportive monetary policy stance. Growth is projected at 6.3% in FY18/19, as manufacturing, construction, and services continue to expand”, the institution indicated.

It also forecasted Uganda’s GDP growth to reach 7% on average in the five coming years “if infrastructure and oil sector investments proceed as planned, and private sector credit remains supportive.”

Uganda plans to speed up the crude production at the oil fields located in the West, near its border with the Democratic Republic of Congo, by 2022.