Ex-URA boss Akol gets top IMF job

The former Commissioner General of the Uganda Revenue Authority (URA), Ms Doris Akol, has been appointed the International Monetary Fund (IMF)’s senior economist in the Fiscal Affairs Department, an elevation from the position of technical assistance advisor she has held since December 2021.
The news of her new appointment was revealed by the League of East African Directors (LEAD) where she is a member via their X-platform, formerly Twitter, on Sunday.

“LEAD congratulates its member Ms Doris Akol on her appointment as a senior economist [at] IMF, Fiscal Department. Congratulations on your new role, what a great start to a great year!” LEAD posted on its official X-platform.

In her new appointment, Ms Akol who held URA’s top helm between 2014 and 2020, will, among others, analyse and design an appropriate mix of fiscal, monetary, and exchange rate policies to promote and maintain macroeconomic stability, examine macro-financial linkages in an increasingly globalised world.
She will also address issues of good economic governance, examine issues of fiscal and external debt sustainability.
Economists yesterday welcomed her appointment, which they said would be of great advantage to Uganda.

“Uganda stands to gain economically, socially, and diplomatically by actively participating in international bodies like the IMF. Through engagement with these organisations, Uganda can access crucial policy advice, global research, and best practices, empowering its policymakers to make informed decisions and implement effective policies based on global experiences,” the executive director of the Civil Society Budget Advocacy Group (CSBAG), Mr Julius Mukunda, said,
The presence of Ugandan experts in influential international institutions, he said, enhances the country’s international reputation, “attracting foreign investments, promoting tourism, and fostering positive diplomatic relations”.

Relatedly, an economist and a lecturer at Makerere School of Economics, Mr Richard Sempala, said: “Uganda will have an important contact in the IMF given the fact that it is one of the biggest lenders to Uganda’s development programmes.  With the current concerns on extending loans to Uganda, the government will have a “good contact” to assist her sail well in political economy issues surrounding the acquisition of loans from IMF.” 
Ms Akol’s new appointment comes at a time the World Bank Group (WB), in its reaction to the enactment of the Anti-Homosexuality Act, 2023, halted its funding of Uganda’s development projects, locking out more than 30 projects worth $1.8b (Shs6.7t).

IMF’s outstanding Purchases and Loans to Uganda stood at $902.5m (Shs3.4 trillion) by September 2023, up from $750m (Shs2.8 trillion) in June 2021.
Mr Mukunda said Ms Akol had a good record at URA and he believed she would be a valuable asset to Uganda at the IMF in her new position.
“Overall, participation in international bodies opens doors to financial support, knowledge exchange, and a strengthened global standing for Uganda,” he said.

Mr Enock Twinoburyo , a senior advisor on fiscal reform for Sustainable Development Goals (SDGs) at the Kigali based SDG Centre for Africa, said Ms Akol’s appointment will not create a big difference just like other experts who are in global bodies already.

“Uganda has a number of its nationals in those positions and their mandate is not Uganda per say,”  he said.
Mr Twinoburyo added: “Their remittances collectively could espouse foreign currency inflows that Uganda desperately needs given recent pressure on exchange.”