Parliament has passed the Public Finance Management (Amendment), Bill 2015 to borrow 10% from Bank of Uganda without parliament approval.
The passed bill allows government to bypass parliament to get money from Bank of Uganda through the Minister of finance and later inform parliament. Members of Parliament amended clause 7 under section 36 2(e) of the Public Finance Management (Amendment), Bill 2015 and lowered the percentage from 18% to 10% of estimated revenue collections for only treasury operations and monitory policy.
Parliament also in the amendments passed the contingency fund from 3.5% to 0.5% to cater for natural disasters and 3% to the supplementary budget.