The Ministry of Finance, Planning and Economic Development derives its mandate and functions from the 1995 Constitution of the Republic of Uganda and other related subordinate laws, including; the Budget Act (2001), the Public Finance and Accountability Act (2003) and acts establishing agencies and auxiliary organisations.
Accordingly, the Ministry plays a pivotal role in the co-ordination of development planning; mobilisation of public resources; and ensuring effective accountability for the use of such resources for the benefit of all Ugandans.
The Ministry discharges this responsibility in the context of her Vision, Mission, mandate and Functions.
A most effective and efficient Ministry capable of achieving the fastest rate of economic transformation.
To formulate sound economic policies, maximize revenue mobilization, ensure efficient allocation and accountability for public resources.
To mobilize financial resources, regulate their management and formulate policies that enhance overall economic stability and development.
i) Maintain solid economic growth under a stable macro environment
ii) Enhance revenue collection to finance the budget towards 25% of the GDP target.
iii) Promote regional integration programmes and investments
iv) To promote transparency and accountability for all public resources
The Ministry of Finance, Planning and Economic Development put together this website as part of the effort to improve communication and ensure smooth flow of information with our stakeholders. The website provides a summary of the Ministry’s mandate and functions, the Departments that support the fulfillment of this mandate, publications and information on and about the Ministry among others. We anticipate that this site will be a one-stop Information Center for our esteemed patrons with in and outside the country.
The Ministry’s mandate cuts across all sectors of Government. Not only is it entrusted with the formulation of sound economic and fiscal policies, but it must also mobilise resources for the implementation of government programmes, and ensure that all public resources are disbursed as appropriated by Parliament and accounted for in accordance with national laws and international best practice.
Over the years, the Ministry has made great strides in fulfilling its mandate by providing policy guidance that has led to remarkable achievements in national economic growth. We have strengthened consultative processes with other government ministries, local governments, agencies, development partners, the private sector, the media, the academia, and civil society organisations. This is to ensure not only government wide but also country wide owned policies and programmes. We believe in participatory processes, accountability and transparency. We are committed good working relations with stakeholders and our development partners as well as mutual support and cooperation between the Ministry, Political leadership, Development Partners, and Stakeholders.
Although the Ministry has made great strides in fulfilling its mandate, we still face a number of challenges, including; budget deficit, a small tax base, budget pressures, sustaining macro economic stability while at the same time making adequate investments for poverty eradication among others. I believe that we can all work together to minimize these inadequacies.
I take this opportunity to welcome you to the Ministry of Finance, Planning and Economic Development website http://www.finance.go.ug . I believe you will find the information listed very useful.
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Home » About Us » AUTONOMOUS AGENCIES
i. Bank of Uganda
Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda. The primary purpose of the Bank is to foster price stability and a sound financial system. Together with other institutions, it also plays a pivotal role as a centre of excellence in upholding macroeconomic stability.
i. Uganda Development Bank (UDB)
Uganda Development Bank Limited (UDBL) is a Government owned Development Finance Institution (DFI) whose objective is to accelerate socio-economic development through sustainable financial interventions in line with the country’s development priorities.
The Bank supports Small & Medium Enterprises (SMEs) and large scale development projects in the various key growth sectors notably;
· Agriculture (Primary Agriculture and Agro-industrialization)
· Tourism and Hospitality
· Human Capital Development (Education and Health)
The UDB Website is: https://www.udbl.co.ug/
i. Uganda Microfinance Regulatory Authority (UMRA)
UMRA seeks to promote a sound and sustainable non-bank financial institution’s sector (Savings and Credit Cooperatives, Village Saving and Loan Associations, Non-deposit Taking Microfinance Institutions and Moneylenders) to enhance financial inclusion, financial stability, and financial consumer protection.
UMRA also seeks to protect interests of members and beneficiaries of Tier 4 microfinance institutions including the promotion of transparency and accountability by applying both prudential and non-prudential standards, promote stability and integrity of the financial sector through ensuring stability and security of Tier 4 microfinance institutions and other functions. Website is:
i. Capital Markets Authority (CMA)
The Capital Markets Authority (CMA) is responsible for promoting, developing and regulating the capital markets industry in Uganda, with the overall objectives of investor protection and market efficiency. Website is: https://cmauganda.co.ug/
i. The Insurance Regulatory Authority of Uganda (IRA)
The Insurance Regulatory Authority of Uganda (IRA) was established under section 14 of the Insurance Statute 1996 now The Insurance Act, (Chap213) Laws of Uganda, 2000 (Insurance Act) which came into effect on 4th April 1996 and commenced operations in April 1997. The main Insurance Act was amended in 2016 to allow for compliance with International standards, address governance issues, and provide for agriculture insurance, takaful insurance, among others.
The main object of the Authority is to ensure the effective administration, supervision, regulation and control of the business of Insurance in Uganda. The website is: https://www.ira.go.ug/
i. Uganda Retirements Benefits Regulatory Authority (URBRA)
The Authority is responsible for the implementation of the URBRA Act, its functions among others include:
· Regulating the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors;
· Supervision of institutions which provide retirement benefits products and services;
· Promoting the development of the retirement benefits sector;
· Licensing of retirement benefits schemes; and
· Licensing of service providers including: - Trustees, Administrators, Fund Managers and Custodians of Retirement Benefits Scheme
URBRA website is: http://urbra.go.ug/
i. Financial Intelligence Authority (FIA)
The establishment of a Financial Intelligence Authority (FIA) was established under the Anti-Money Laundering Act, 2013 and its mandate is to prohibit and prevent money laundering and other financial crimes. The main function of the FIA is to:
a. To impose certain duties on institutions and other persons, businesses and professions who might be used for money laundering purposes.
b. To make orders in relation to proceeds of crime and properties of offenders.
c. To provide for international cooperation in investigations, prosecution and other legal processes of prohibiting and preventing money laundering.
d. To designate money laundering as an extraditable offence; and to provide for other related matters.
The FIA Website is: https://fia.go.ug/
i. National Social Security Fund (NSSF)
The National Social Security Fund (NSSF Uganda) is a National Saving Scheme mandated by Government through the National Social Security Fund Act, Cap 222 (Laws of Uganda) to provide social security services to employees in Uganda.
The NSSF Website is: https://www.nssfug.org/
ii. Microfinance Support Centre Limited (MSCL)
MSCL is a rural financial services company that was set up in 2001 to manage micro-credit funds on behalf of Government of Uganda. MSCL provides affordable credit and business development services to SACCOs, Producer Cooperatives, Microfinance Institutions, Village Savings and Loans Associations, and Small and Medium Enterprises. MSCL prioritizes support to SACCOs and Groups to increase productivity, income and employment opportunities for Ugandans, especially those who are active in the agricultural sector.
The MSCL Website is: http://www.msc.co.ug/index.htm/
iii. Project for Financial Inclusion in Rural Areas (PROFIRA)
The International Fund for Agricultural Development (IFAD) and GoU designed the Project for Financial Inclusion in Rural Areas (PROFIRA) in 2013. The project focuses on the large portion of the rural population that has little or no access to financial services and on two rural institutions that have successfully demonstrated that sound and appropriate financial services can be provided to even the poorest members of rural communities namely, Savings and Credit Cooperatives (SACCOs) and Community Savings and Credit Groups (CSCGs).
The PROFIRA Website is: https://profiraug.org/
i) To ensure timely and efficient release of funds, payments and effective management of public Assets.
ii) To maintain a robust debt management system that provides reliable information, timely processing of funds requests and debt servicing.
iii) Support the development and implementation of policies in line with the Assets management function of Government.1. Assets Management Department (AMD):1.1. Quality Assurance Unit1.2. Physical Assets Management Unit (PAMU)1.3. Public Revenues and Expenditure Management Unit (PREMU)i) Release of funds
ii) Payments processing
iii) Update Government Revenue register2.1 External debt and Grants
This unit mainly performs back office operations for external grants and loans. It handles disbursement requests, recording of transactions in the IFMS and DMFAS and also manages servicing of external debt loans. The National Authorizing Office Support Unit (NAOSU) is part of the back office operations and falls under this unit.2.3 Key specific objectives of the department.
i) Create and maintain a high quality and updated database of GOU debt Portfolio.
ii) Requisition for external resources / disbursements on a timely basis.
iii) Ensure timely and accurate payment of Government Statutory debt obligations as and when they fall due.
2.4 Functions for the Department
i) Compile accounts and prepare financial statements for Treasury Vote 130.
ii) Prepare payment invoices for all domestic and external debt servicing.
iii) Process and record withdrawal applications for draw down of the loans and grants manually (and on client connection for the World Bank and IFAD).
iv) Prepare annual public debt interest, debt servicing cost and principal repayment forecast for inclusion in the Budget Framework Paper (BFP), Ministerial Policy Statement and National Budget.
v) Record and update financial information relating to loan and grant agreements.
vi) Manage operations of Debt Management and Financial Analysis System (DMFAS) debt database by updating payments and disbursements.
vii) Responsible for loans & grants disbursements including
management of disbursement units e.g. EU/NAO.
viii) Maintain a comprehensive inventory and report on the stock of
loans, grants, contingent liabilities and guarantees.
ix) Establish and maintain public debt records and prepare both statutory and management information from these records.
x) Provide timely and accurate information on the country’s debt to assist policy makers and improve transparency in debt management
xi) Maintain controls and documented procedures for debt service, disbursements and maintenance of financial records for debt management financial analysis systems.
xii) Member of the Debt Management Technical Committee (DMTC)
This unit is mainly responsible for recording and repayment of Domestic Debt. It is also responsible for managing Treasury Operations (Vote 130), a statutory vote that budgets for, pays and reports on public debt.
Below are its objectives and functions;
The overall mandate of Treasury Services Department is to maintain a robust debt management system that provides reliable information, timely processing of funds requests and debt servicing.
This department is headed by a Commissioner and is composed of two main functional units namely; External debt & Grants and domestic debt & Treasury Operations.
The Functions include;
i) Undertaking Board of Survey Functions
ii) Support to timely update of the Government of Uganda Assets registers (Non-Current Assets, Inventories and Investments)
iii) Capacity building of GoU Staff in Assets Management.
iv) Management of Local Revenue Releases
The over objective is the assets and or forecast any risk relating to treasury transaction and suggest mitigation measures in order to alert management to avert related losses of public resources.
The functions include;
i) Updating of Risk register and development of controls to mitigate risks
ii) Running of Key performance Indicators on Government System
iii) Preparing Cash Management reports and Treasury payment transactions
iv) Investigate and report alleged violations of rules, regulations, policies,
procedures, and Standards of Conduct.
v) Responsible for coordination of end of year processes
vi) Liaison with the Bank of Uganda
i) Drafting of a non-current asset accounting policy
ii) Improvements in the planning and conduct of Boards of Surveys (BoS) and the revision of the templates and forms
iii) Implementation and rollout of the IFMS fixed assets (FA) module in central, local governments, and the Navision Accounting system at foreign missions to a version that includes a fixed asset module
iv) Support Progressively updating of the asset registers of the MDAs & LGs
v) Implementing a roadmap for enhancing the ongoing strengthening of public asset management.
vi) Quality Assurance of PFM systems under AGO
vii) Responsible for Updating Government Investments.
i. Compilation and management of the accounts of votes;
ii. Custody and safety of public money;
iii.Manage resources of Government;
iv. Custody of all government certificates of all titles for investments;
v. Maintenance of a register of government investments
vi. Develop the internal audit strategy and supervise its implementation;
vii.Develop internal audit policies, rules, standards, manuals, circulars and guidelines;
viii.Review and consolidate audit reports from the votes and externally financed projects;
ix. Liaise with the Auditor General, Accountant General, Accounting Officers and Internal Auditors on audit matters