Entebbe, Uganda | THE BLACK EXAMINER | During a pivotal NRM Caucus meeting held at Entebbe State House earlier today, President Museveni delivered a resounding call to address two pressing issues: the exorbitant interest rates imposed by money lenders and the rampant issue of corruption within the country. The President directed the Minister of Finance to draft a statutory instrument in the next two weeks, aligning interest rates with inflation, while simultaneously urging caucus members to expose and eliminate corruption with unwavering resolve.
President Museveni decried the exploitative practices of money lenders that have been driving many young Ugandans to despair, even to the point of contemplating suicide. He questioned the moral grounds on which these lenders operate and questioned the ethics of charging a staggering 20% interest rate on loans per month. “Why should someone charge 20% interest on a loan per month? This must stop,” President Museveni declared emphatically on X (formerly Twitter), vowing to take decisive action to protect the country’s vulnerable youth from this predatory practice.
Money lending institutions, often unregulated, have been a persistent problem in Uganda, with exorbitant interest rates that often trap borrowers in an unending cycle of debt. The President’s directive to align interest rates with inflation is seen as a significant step toward curbing these exploitative practices and ensuring fair lending terms for all citizens.
President Museveni also turned his attention to the pervasive issue of corruption within the country. He implored caucus members not to remain silent on this matter, emphasizing that the nation neither needs nor condones such unethical behavior. With unwavering determination, he assured that the government has the capacity to eradicate corruption, provided it is armed with concrete facts and information.
“Corruption has no place in our society. We have the means and the will to crush it, but we need the facts to do so effectively,” President Museveni added. This call to action resonated with caucus members, who have long grappled with the corrosive impact of corruption on Uganda’s progress and development.
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