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Parliament Advised to Trim Powers of Finance Ministry from Borrowing Money Anyhow.



The Advocates Coalition for Development & Environment @ACODE_Uganda  has asked MP Muwanga Kivumbi (Butambala County) to ensure that the powers given to the Minister of Finance in procuring loans are curbed, due to the fiscal abuse being exhibited during the borrowing public funds

The appeal was made Peter Watuwa, Researcher with ACODE during a consultative meeting @ACODE_Uganda held with Kivumbi, at Parliament on the proposal to amend the Public Finance Management Act 2015.

"We feel there is a lot to be done on curbing the Minister’s powers to borrow. We feel that the PFMA gives the Minister a lot of power, and yet the Parliamentary at the end of the borrowing. The Minister goes into negotiations, gets these deals or whatever it is, then, pre-empts Parliament to approve that which he has negotiated. We feel that is tending towards fiscal indiscipline,” said Watuwa.

In May 2023, the Ministry of Finance came under Parliamentary scrutiny when MPs unearthed a ploy Gov't to borrow Euro500M (Shs2.027Trn) from Amarog Capital Ltd, that was later discovered to be a private money lender operating in Kenya's agriculture sector. MPs described the move by Gov't to borrow from a money lender to finance the national budget as offensive & demeaning to Uganda's integrity.

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