By Yasiin Mugerwa(The Daily Monitor)
Finance minister Maria Kiwanuka and senior government technocrats have pledged a new era in the management of finances with particular focus on the expected oil revenues.
Speaking at a consultative meeting on the proposed amendments to the Finance Bill, 2012 in Kampala last week, Ms Kiwanuka said the reforms would provide the government with the opportunity to improve the integrity of the national budget and spur economic growth.
“The proposed Public Finance law is to improve value for money by strengthening checks and balances as well as accountability, improve public service delivery,” Ms Kiwanuka said.
Outgoing Secretary to the Treasury Chris Kassami said the proposed law aims at changing the national budget cycle to improve execution of the budget. He said this is critical for addressing the “confusion” in the Budget Act, 2001 and Public Finance and Accountability Act, 2003.
If the Bill is passed in its current form, the budget calendar will shift from April to September of each financial year. This means that by the time the Finance minister reads the Budget to the public on June 14, it will be fully appropriated and read for implementation.
