Concluding remarks In conclusion, Uganda's macroeconomic framework guiding public policy under the Policy Support Instrument (PSI) framework for 2008/09 appear to be appropriate as it took into account the likely impact of the global financial crisis. The impact so far is not too big to warrant a major policy shift.
While oil price developments may very much influence the pattern of inflation rates over the coming months, other factors should dominate beyond the short term. The lagged effects of the appreciation of the euro exchange rate since mid-2002 will continue to dampen upward pressure on prices, as will the modest economic growth.