To contain the spread of the COVID-19 pandemic, the government of Uganda implemented a cocktail of macroeconomic policy responses addressing the contraction of activities in the real and financial sector, and the impact on Ugandans’ livelihoods. Specifically, the government adopted expansionary fiscal and monetary policies to address the impact of the pandemic on the economy, with positive results. First, Uganda’s early response to the COVID-19 pandemic averted a huge cost in human terms. Second, the expansionary monetary and fiscal policies implemented to mitigate the economic impact of the lockdown prevented an adverse dampening of the economy. The expansionary fiscal policy gave businesses temporal liquidity and mitigated the extent of household poverty. In addition, it ensured that the financial sector remained stable, albeit with reduced profitability.