Public Finance Management Act Leaves Government Back Footed as They Seek Amendments

It is less than a year since President Museveni assented to the Public Finance Management Act 2015 (PFMA), but already, amendments have been proposed. In September, the Ministry of Finance Planning and Economic Development (MoFPED) proposed at least eight amendments to the Act. The amendments, according to the MoFPED, are to correct the challenges of implementing the Act. The PFMA became law on 23rd February 2015 and was heralded as a law that would transform the budgeting process in the country, and improve budget transparency and accountability. Notably, it also provides rules for management of oil revenues.