President Yoweri Museveni has ordered the Ministry of Finance and Parliament to issue new regulations to control money lending and interest rates in the Ugandan economy.
“These moneylenders who are causing suicide to our young people, who allows them to operate? Why should someone charge 20% interest on a loan per month? This must stop,” the President said.
Museveni made the directive at Thursday’s NRM Caucus at Entebbe State House. “I direct the Minister for finance to put out a statutory instrument within two weeks on the interest paid to money lenders in accordance with the inflation which the NRM will support,” he said.
Museveni told NRM MPs, who are the majority in parliament, that their party should also tackle corruption that he said is becomeing a problem. He said even his staff, have been accused of picking money from people to get a service.
“On the problem of corruption, I urge the members not to keep quiet. We don’t need it and it’s not necessary, we have the capacity to crush all the corrupt people and we shall do it, all we need is the facts.”