Bill Progress

Object of the Bill

The object of the bill is to provide for fiscal and macroeconomic management; to provide for the Charter of Fiscal Responsibility; to provide for the Budget Framework Paper; to provide for the  roles of the Minister and the Secretary to the Treasury in the  budgeting process; to provide for virements, multiyear  expenditures, supplementary budgets and excess expenditure ; to provide for the Contingencies Fund; to provide for the  Consolidated Fund and for the investment of balances, grants of credit on and commitments against the Consolidated Fund; to  provide for bank account management, management of expenditure commitments, raising of loans by the Minister, management of the Government debt, authority to receive monetary grants and assets management; to provide for the roles of accounting officers; to establish accounting standards and  audit committees; to provide for in-year reporting; to provide for the preparation of annual accounts and for the accounting for  classified expenditure; to establish the Petroleum Fund and the  collection and deposit of revenues into and the withdrawal of revenue from the Petroleum Revenue Holding Account and for the management of the Petroleum Revenue Investment Reserve;  to provide for the role of the Bank of Uganda in the operational management of the Petroleum Revenue Investment Reserve; to provide for the establishment of the Investment Advisory Committee; to provide for the financial reports, annual reports and annual plans of the Petroleum Revenue Holding Account and the Petroleum Revenue Investment Reserve; to provide for the sharing of royalties; to provide for offences; to repeal the  Public Finance and Accountability Act, 2003 and the Budget Act 2001; and to provide connected matters.

Other Attachments

The Public Finance Bill, 2012

Sponsored By Hon. Maria Kiwanuka (Minister of Finance, Planning and Economic Development)

Committee: The Committee on Finance, Planning and Economic Development



First Reading/Committee

Bill is still at First Reading, the first reading being the first stage of a Bill passage through the Floor of Parliament and is usually a formality, it takes place without debate, and the first reading of a Bill can occur anytime in a parliamentary session.


Second Reading

Bill is in the second stage. The second reading is the first opportunity for MPs to debate the main principles of the Bill. It usually takes place up to 45 days after the first reading. Once second reading is complete the Bill proceeds to committee stage where each clause (part) and any amendments (proposals for change) to the Bill may be debated.



Third Reading


Presentation/Waiting Assent



Assented by President


Bill passed on 01/01/1970

Bill Withdrawn on 01/01/1970

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