Uganda Government drafts new policies to monitor Petroleum Fund spendings.
Uganda Government has conclude plans to draft three policies that will help monitor the spending of Petroleum Fund. These policies will follow the guidelines set-out in the Public Finance Management Act (PFMA) of 2015.
The Ministry of finance is responsible for the overall management of the Petroleum Fund and shall oversee the transfer into and the disbursements from the Petroleum Fund.
The Petroleum Fund is under the Public Finance Management Act (PFMA) of 2015. This Act also requires all petroleum revenues, which accrue to Government, to be paid into the Petroleum Fund.
The policies will spell out details on how money will be move from the fund to selected area. According to reports form the ministry, the fund is worth 288.7 billion as at December 31, 2018. This is a reduction from Shs 470.4 billion that was reported six month earlier in 2018.
The report explain that the drop in the value was due to the withdrawal of Shs 288.7 billion. This fund was transferred to the Consolidated Fund that was used to finance the Financial Year 2018/2019 national budget.