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CSCO views on Regulations for PFMA
Specifically, Part VIII of
the Act provides for collection, deposit, management, investment and expenditure of petroleum
revenue that accrues to government from the exploitation of the petroleum reserves in Uganda.
To operationalize the Act, the Ministry of Finance, Planning and Economic Development drafted
regulations. These regulations were shared with stakeholders for comments. However, the draft
did not contain any proposals on petroleum revenue management. This policy brief is an attempt
by civil society stakeholders to set out proposed regulations to guide the implementation of part
VIII of the Act that deals with petroleum revenue management.
As a group, we feel strongly that Part VIII must be further elaborated upon through detailed
regulations. While strong in many ways, the petroleum section currently lacks detail as some
important components are left unspecified. If left unclear, this could lead to challenges of
implementation of issues. To prevent issues arising and ensure good governance of oil revenues,
it is essential that part VIII be accompanied by strong regulations.
Posted 18th, October 2015
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