As a short-term crisis measure, the European Financial Stability Facility (or EFSF) and the European Financial Stability Mechanism (or EFSM) were created in the summer of 2010 after Greece had been granted bilateral assistance loans. Recent decisions specify that the EFSF is to be expanded substantially.
The 2016/17 financial year was undoubtedly difficult, with real GDP growth being lower than potential not least because of the severe drought that afflicted Uganda in 2016.