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ARTICLE · 07 AUGUST 2024

Bank Of Uganda Exempted From Blanket Statutory Immunity

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The Minister of Finance has issued an instrument lifting the blanket immunity from execution against the assets of the Central Bank of Uganda. The exemption was given in the Public Finance Management...

UgandaFinance and Banking
Phillip Karugaba
Phillip Karugaba
Rehema Nakirya Ssemyalo
Rehema Nakirya Ssemyalo
Renata Nyakairu
Renata Nyakairu
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The Minister of Finance has issued an instrument lifting the blanket immunity from execution against the assets of the Central Bank of Uganda. The exemption was given in the Public Finance Management (Exemption of Specified Protected Assets) Instrument 2024, published on 26 July 2024.

In our article on The Public Finance Management (Amendment of Schedule 4) Instrument 2023, we pointed out that the pledging of certain national assets to secure loans for the Government was prohibited and that certain assets, including all financial assets of the Bank of Uganda, were protected from any form of execution. We further pointed out certain legal, constitutional and commercial issues which would arise from the instrument.

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