Economy
Finance Ministry, Bank of Uganda Sign New Service Level Agreement to Streamline Financial Operations
In a move aimed at enhancing transparency, efficiency, and accountability in government financial operations, the Ministry of Finance, Planning and Economic Development (MoFPED) has signed a new Service Level Agreement (SLA) with the Bank of Uganda (BoU).
The agreement was officially signed today by the Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, and the Governor of the Bank of Uganda, Michael Atingi-Ego, at the Ministry’s headquarters in Kampala.
The SLA defines the specific roles and responsibilities of each institution in managing key financial operations, ranging from the management of government bank accounts, handling of cash receipts and disbursements, local and foreign currency transactions, to the management of letters of credit on behalf of Ministries, Departments, and Agencies (MDAs).
It also covers internet banking services and the settlement of domestic and external debt obligations, reflecting the growing reliance on digital platforms and emerging regulatory frameworks in the financial ecosystem.
“This Service Level Agreement is a critical tool for ensuring coordinated, secure, and seamless financial operations between the Ministry of Finance and the Bank of Uganda,” said PSST Ggoobi. “It is not only a legal and policy imperative but also a technological necessity in today’s dynamic financial landscape.”
The last SLA between the two institutions was signed during the COVID-19 pandemic, a period that brought unique fiscal challenges and prompted extraordinary financial coordination. The new agreement, officials said, is tailored to reflect the current legal frameworks, evolving financial technologies, and modernized public finance management systems.
Governor Atingi-Ego emphasized the Bank’s continued commitment to prudent fiscal management and institutional collaboration. “This agreement allows us to align our operations with modern expectations and to better support the government in achieving its financial and developmental goals,” he stated.
The signing of the SLA is expected to enhance the government’s overall financial governance, foster accountability in public spending, and boost confidence in Uganda’s financial system both locally and internationally.
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