January 15, 2013 / 5:50 AM / 5 years ago

Ugandan economy set to grow 6-7 pct in medium term -IMF

KAMPALA, Jan 15 (Reuters) - Uganda’s tight monetary stance to combat inflation has sharply slowed economic growth but medium-term growth will reach its potential level of 6 percent to 7 percent in the medium term, the International Monetary Fund (IMF) said.

“This objective needs to be underpinned by a higher contribution of private investment,” the IMF said in a statement late on Monday.

The Washington-based body also said the recent theft of donor funds in east Africa’s third biggest economy, which led to some donors suspending aid, signalled the need for a more radical fight against graft.

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