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Author: Weltbank Publisher: ISBN: Category : Languages : en Pages :
Book Description
After Uganda enjoyed two decades of strong growth and poverty reduction in the 1990s and early 2000s, its economy slowed down, and social progress decelerated amid a steady increase of the population. Several constraints continue to undermine progress and social and economic transformation in Uganda. The start-up of oil production and revenues has the potential to accelerate growth by addressing some of the constraints to economic transformation, but it has to be managed well. Actual revenues from oil will depend on levels of production and international oil, with significant impact on government revenue, exports, and investmentsMaximizing the benefits from oil revenues requires maximizing efficiency across the entire revenue chain. Several analytical and technical assistance programs have recommended specific reforms to help Uganda maximize the dividends from its oil. This paper reassesses the adequacy of Uganda's public finance systems in providing an appropriate fiscal framework for determining spending as well as setting aside and managing savings for future generations. The rest of the paper is organized in three sections. Section 2 provides an update on the state of development of Uganda's oil sector. Section 3 discusses the current fiscal framework and what would need to be adjusted before the oil revenue starts flowing. Section 4 delves into the institutional design and operational management of the petroleum revenue investment reserve, and how it could be turned into a genuine SWF for Uganda.
Author: Weltbank Publisher: ISBN: Category : Languages : en Pages :
Book Description
After Uganda enjoyed two decades of strong growth and poverty reduction in the 1990s and early 2000s, its economy slowed down, and social progress decelerated amid a steady increase of the population. Several constraints continue to undermine progress and social and economic transformation in Uganda. The start-up of oil production and revenues has the potential to accelerate growth by addressing some of the constraints to economic transformation, but it has to be managed well. Actual revenues from oil will depend on levels of production and international oil, with significant impact on government revenue, exports, and investmentsMaximizing the benefits from oil revenues requires maximizing efficiency across the entire revenue chain. Several analytical and technical assistance programs have recommended specific reforms to help Uganda maximize the dividends from its oil. This paper reassesses the adequacy of Uganda's public finance systems in providing an appropriate fiscal framework for determining spending as well as setting aside and managing savings for future generations. The rest of the paper is organized in three sections. Section 2 provides an update on the state of development of Uganda's oil sector. Section 3 discusses the current fiscal framework and what would need to be adjusted before the oil revenue starts flowing. Section 4 delves into the institutional design and operational management of the petroleum revenue investment reserve, and how it could be turned into a genuine SWF for Uganda.
Author: Margaret Magumba Publisher: ISBN: Category : Languages : en Pages : 11
Book Description
In 2016, existence of oil reserves in Uganda was confirmed and efforts to begin oil exploration were immediately kick started. The budding oil industry has given hope of a better future to Ugandans. However, being a finite resource, oil exploration needs to be done with due consideration of future generations. Its benefits and costs ought to be evenly distributed across present and future generations. This analysis, which scrutinizes Uganda's oil management framework, finds that: in designing Uganda's Oil and Gas policy, due consideration was given to the need to ensure balanced distribution of costs and benefits of the oil industry between the current and future generations. The focal plausible policies for effective oil management in Uganda were rightly incorporated in the existing statutes. They include: maintaining of non-oil fiscal balances, following strict expenditure rules, and setting up a separate well-managed oil fund. Another key factor, which was also given due attention in Uganda's oil management policy, is ensuring that oil proceeds are chiefly spent on long term developmental investments in human and physical capital. With the relevant policies already in existence, the huge task ahead is for the country to ensure that these policies are adhered to.
Author: Arnim Langer Publisher: Leuven University Press ISBN: 9462702004 Category : Social Science Languages : en Pages : 396
Book Description
Multidisciplinary perspectives to governance of oil in African countries Large quantities of oil were discovered in the Albertine Rift Valley in Western Uganda in 2006. The sound management of these oil resources and revenues is undoubtedly one of the key public policy challenges for Uganda as it is for other African countries with large oil and/or gas endowments. With oil expected to start flowing in 2021, the current book analyses how this East African country is preparing for the challenge of effectively, efficiently, and transparently managing its oil sector and resources. Adopting a multidisciplinary, comprehensive, and comparative approach, the book identifies a broad scope of issues that need to be addressed in order for Uganda to realise the full potential of its oil wealth for national economic transformation. Predominantly grounded in local scholarship and including chapters drawing on the experiences of Nigeria, Ghana, and Kenya, the book blazes a trail on governance of African oil in an era of emerging producers. Oil Wealth and Development in Uganda and Beyond will be of great interest to social scientists and economic and social policy makers in oil-producing countries. It is suitable for course adoption across such disciplines as International/Global Affairs, Political Economy, Geography, Environmental Studies, Economics, Energy Studies, Development, Politics, Peace, Security and African Studies. Contributors: Badru Bukenya (Makerere University), Moses Isabirye (Busitema University), Wilson Bahati Kazi (Uganda Revenue Authority), Corti Paul Lakuma (Economic Policy Research Centre), Joseph Mawejje (Economic Policy Research Centre), Pamela Mbabazi (Uganda National Planning Authority), Martin Muhangi (independent researcher), Roberts Muriisa (Mbarara University of Science and Technology), Chris Byaruhanga Musiime (independent researcher), Germano Mwabu (University of Nairobi), Jackson A. Mwakali (Makerere University), Tom Owang (Mbarara University of Science and Technology), Joseph Oloka-Onyango (Makerere University), Peter Quartey (University of Ghana), Peter Wandera (Transparency International Uganda), Kathleen Brophy (Transparency International Uganda), Jaqueline Nakaiza (independent researcher), Babra Beyeza (independent researcher), Jackson Byaruhanga (Bank of Uganda), Emmanuel Abbey (University of Ghana).
Author: Reda Cherif Publisher: International Monetary Fund ISBN: 1498319300 Category : Business & Economics Languages : en Pages : 55
Book Description
A key priority for the Gulf Cooperation Council (GCC) countries is to create a dynamic non-oil tradable sector to support sustainable growth. Since export diversification takes a long time, it has to start now. We argue that the failure to diversify away from oil stems mainly from market failures rather than government failures. To tackle market failures, the government needs to change the incentive structure for workers and firms. Experiences of oil exporters that managed to diversify suggest that a focus on competing in international markets and an emphasis on technological upgrade and climbing the “quality ladder” are crucial.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1484317912 Category : Business & Economics Languages : en Pages : 25
Book Description
This Technical Assistance Report discusses recommendations for developing a “Charter for Fiscal Responsibility” in Uganda. Publication of a “Charter for Fiscal Responsibility” at the start of each new Parliament is a requirement of Uganda’s new Public Financial Management Act. The Charter should set out measurable medium-term objectives for fiscal policy, and explain the methodology, data, and procedures by which performance against the objectives would be measured. The Charter should also be used to develop transparent fiscal reporting requirements and establish the role of fiscal objectives in underpinning the annual budget process.
Author: Vincent Belinga Publisher: ISBN: Category : Industrial policy Languages : en Pages : 30
Book Description
This paper examines the relationship between hydrocarbon and non-hydrocarbon revenues using a probabilistic panel model with data covering 30 resource-rich countries over 1992-2012. It also discusses policy implications for Uganda, a country with recently discovered oil reserves. The findings show that although an increase in hydrocarbon revenues is likely to crowd out non-resource revenues, improved institutional quality could dampen or reverse this effect. In general, regulatory quality, rule of law, government effectiveness, and political stability are critically important governance indicators. In light of Uganda's forthcoming exploitation of its oil, the odds of avoiding the crowding out of non-resource revenues are high with a substantial improvement of institutional quality in terms of political stability, regulatory quality, and government effectiveness. Currently, these indicators stand very low for Uganda as compared with Botswana.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1463922655 Category : Business & Economics Languages : en Pages : 75
Book Description
Economic growth has recovered, but higher food and fuel prices have sparked a sharp rise in inflation. Monetary policy has been tightened to contain core inflation and effects of the food and fuel price shocks. The government has allowed for scaling up of infrastructure investment spending. The programmed adjustment of fiscal and monetary policies will help put Uganda on a more sustainable medium-term trajectory. Eliminating tax exemptions and incentives will address the revenue gap. The planned oil revenue management framework is encouraging.
Author: Weltbank
Author: Weltbank
Author: Margaret Magumba
Author: 
Author: Arnim Langer
Author: 
Author: Reda Cherif
Author: International Monetary Fund. Fiscal Affairs Dept.
Author: Vincent Belinga
Author: International Monetary Fund
Author: Benoît Campagne