Ugandan Public Finance Bill

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Uganda's draft Public Finance Bill, 2012 was presented to cabinet on 29 January 2012, and Chapter 7 of the bill spells out procedures for the management of Uganda's petroleum revenues.[1]

Revenue Watch Institute wrote in an analysis of Chapter 7 that the draft bill meets basic transparency requirements,[2] including section 60 (b), which stipulates that the minister publish semi-annual and annual audited financial statements of the petroleum fund. According to The Observer news agency these statements should indicate the actual in- and outflows of the petroleum fund, volumes and values of the petroleum produced and the source of petroleum revenue. The bill also prohibits the use of oil revenues as collateral for debt, and establishes a petroleum investment reserve.[3]

RWI also points out that some provisions in the bill lack enough parliamentary oversight, and that the bill does not include the creation of a stabilization fund or any provision to manage the volatility of oil revenues due to extreme fluctuations in the global oil prices.[2]

References

  1. "Recommendations for Uganda's Petroleum Bills", Revenue Watch Institute, 23 March 2012.
  2. 2.0 2.1 "Comments on Petroleum Revenue Management in the Draft Ugandan Public Finance Bill 2012", Revenue Watch Institute, March 2012.
  3. "Oil: activists fault Public Finance bill", The Observer, 11 September 2012.