{UAH} Uganda : BANK OF UGANDA approves objective and the suggested changes

Uganda : BANK OF UGANDA approves objective and the suggested changes in recently tabled Finance Bill 2012

November 23, 2013

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Saying the changes will help to strengthen the management of economic and financial issues of the economy, the Bank of Uganda has approved the objective and the suggested changes in the recently tabled Finance Bill 2012. The Deputy Governor, Dr Louis Kasekende , presented the Bank's views on the Bill presently being examined by the finance committee. He said the legislation will also guarantee macroeconomic stability, economic development and national growth plans when setting financial goals within the macroeconomic framework. Speaking to the committee chaired by the Kyadondo County North MP, Robert Sebunya , he said : 'Specifically the amendments also look to commit the Government to efficient management of the oil revenues.' But still, he warned that Section 73 of the Bill on petroleum revenue management which assigns 7 percent only to the districts where oil is generated could cause problems. He sugggested : 'The sharing could include districts where the refinery is located, districts affected by the oil pipeline and where petroleum exploration is ongoing and the district s social and economic situation.'

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Gwokto La'Kitgum

"Even a small dog can piss on a tall Building", Jim Hightower