Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS AND PROGRAM PERFORMANCE -- A. Growth is Recovering from a Short Slowdown -- B. The Policy Stance has Adapted to the Evolving Conditions -- C. Progress in Structural Reforms was Mixed -- D. Program Performance Under the Sixth Review of the PSI was Satisfactory -- ECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy: Gains in Efficiency and Transparency -- B. Monetary Policy: Modernizing the Inflation Tageting Framework -- C. The Financial Sector: Sound but Still Shallow -- D. Achieving Broad-Based and Inclusive Growth: Economic Diversification and Efficient and Transparent Use of Oil Wealth -- THE NEW PSI -- STAFF APPRAISAL -- BOXES -- 1. Response to 2010 Article IV Consultation's Key Recommendations -- 2. Progress Under the PFM Reform Commitments -- 3. External Stability Assessment -- 4. Enhancing PFM -- 5. Refining the Monetary Policy Framework -- 6. Vision 2040 -- 7. Competitiveness -- FIGURES -- 1. Developments in the Real Sector -- 2. External Developments -- 3. Fiscal Developments -- 4. Bank of Uganda Monetary Operations in the Foreign Exchange and Money Markets -- TABLES -- 1. Selected Economic and Financial Indicators, FY2009/10-2017/18 -- 2a. Fiscal Operations of the Central Government, FY2009/10-2017/18 (Billions of Uganda Shillings) -- 2b. Fiscal Operations of the Central Government, FY2009/10-2017/18 (Percent of GDP) -- 2c. Quarterly Fiscal Operations of the Central Government, 2012/13-2013/14 -- 3. Monetary Accounts, FY2009/10-2017/18 -- 4. Balance of Payments, FY2009/10-2017/18 -- 5. Banking Sector Indicators, March 2010-December 2012 -- 6. Quantitative Assessment Criteria and Indicative Targets Outturn for December 31, 2012 and March 31, 2013 -- 7. Structural Benchmarks Outturn for the Sixth PSI Review -- ANNEXES.

I. Joint Bank-Fund Staff Debt Sustainability Analysis Update 2013 -- II. Risk Assesment Matrix and Vulnerability to Extenal Shocks -- III. Strengthening Revenues in Uganda: Challenging but Necessary -- IV. Inclusive Growth in Uganda: Achievements and Challenges -- V. Oil Revenues in Uganda: From Resource Wealth to Growth -- APPENDICES -- I. Letter of Intent -- Attachments -- 1. Memorandum of Economic and Financial Policies -- 2. Technical Memorandum of Understanding -- CONTENTS -- FUND RELATIONS -- JOINT BANK-FUND WORK PROGRAM, JULY 2013-JUNE 2014 -- STATISTICAL ISSUES (AS OF MAY 31, 2013).