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Kinkizi West mp Appeals for stay of Loan interest during Coronavirus Pandemic Lockdown

KANUNGU- Kinkizi West Member of Parliament Hon James Ruggi Kaberuka has appealed the Speaker of Parliament Rt Hon Rebecca Kadaga to prevail over the Ministry of Finance to come out with a statutory instrument to regulate the Banks on loan interest payments.

Hon Kaberuka presented this in the plenary session of Parliament today where he said that while Banks have rescheduled loans, interest rates will still be charged when people are not earning.

Hon Said that the most hit was the informal sector like market vendors, Saloon owners and Boda Boda who are not working and will not be able to cope up with the loan which is being rescheduled by banks.

The Kinkizi West MP asked the Speaker to prevail over the Minister of Finance to come out with a regulation that stops banks from rescheduling interest on loans until the country is out of Coronavirus pandemic lockdown.

The Speaker agreed with Hon Kaberuka and asked the Minister of Finance to come to Parliament on Thursday this week with a statement over the matter.

The Minister of State for Economic Planning Hon David Bahati however told Parliament that he will make consultation with Bank of Uganda to see how a statutory regulation can be arrived at and then report back to Parliament.

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Patson Baraire Mushaija
Patson Baraire Mushaijahttps://theinformerug.com/
Patson Baraire Mushaija is a Seasoned Journalist. He has an experience of Field and Community reporting for over 20 years. He started his career at Daily Monitor in the 1990s and is known for breaking major stories that remain topical issues today like the Bwindi Massacre and Kibwetere Inferno. He also worked at New Vision before concentrating on Digital Media. He has worked as reporter and news editor for a number of Media Organisations. Baraire is a family man, practicing farmer, and public speaker, is passionate about community Journalism. He is currently a Co-Editor at the Informer Ug an Online Publication in Western Uganda. Patson is widely traveled in East and Central Africa where he has attended several media training and Election Monitoring. He is passionate about Environmental Issues and Health Reporting.

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