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Museveni on Thursday directed Finance Minister, Honourable Matia Kasaija, to come up with a statutory instrument to operationalize section 90 of tier 4 Microfinance Institutions and Money Lenders Act 2016 within two weeks, to control interest rates.
“These money lenders who are causing suicide to our young people, who allow them to operate? If the Inflation rate is 3-5%, why should anybody charge interest of 3% per month, which means 36%? That is going to stop.” said President Museveni.
The President made the remarks today during a meeting with the NRM Parliamentary Caucus that was held at State House Entebbe.
Although many Ugandans have already fallen victim, Museveni said plans are underway to bring the money-lending business under control.
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“I wanted to cancel all the loans of the money lenders. Hon Kasaija is now going to tame these parasites. He is going to bring a statutory instrument which we are all going to support,” he committed.
During the meeting, Museveni also threatened to take stern action against corrupt government officials and called upon the MPs to support him.
“I’m going to crush these corrupt people. When you hear bloodshed don’t get surprised. Because you are going to kill your country,” he said.
“So, I want you to support me If I bring with the Attorney General an amendment saying that if anybody extorts money in the name of the president, should go to jail for some time. We are going to attack a few examples and they will become examples of others.”
The NRM Caucus meeting was attended among others by the Prime Minister, Rt. Hon. Robinah Nabbanja, Ministers and NRM Secretariat Secretary General, Hon. Richard Todwong, and some Central Executive Committee members.