President Museveni directs the Attorney General to take action against money extortion by Money lenders.
KAMPALA-UGANDA: The President of the Republic of Uganda HE Yoweri Museveni has confirmed his directive to the Attorney General to swing into action in stopping Money extortion from locals by money lenders and commercial banks charging high interest rates.
The president said this on Thursday at Kololo Ceremonial Grounds during his State of the Nation address and the inauguration of the 1st meeting of the 4th session of the 11th Parliament.
President Museveni wondered how the commercial banks can charge 20% interest and the money leaders 66% or more describing it as a pure extortion, thus urging the people to embrace the Emyooga and Parish Development Model programs (PDM) of which after 24 Months will be charging 12% or less interest from Borrowers.
“I have already directed the Director General to guide the Ministry of Finance on how we can criminalize this extortion by the Money leaders. The PDM and EMYOOGA funds are going to become the poor people funds able to lend at 12% or less after 24 months. People were trying to sabotage the PDM Program but I can assure you that people have started understanding it.” Said the President.
In Her remarks the speaker of the Parliament of Uganda Rt. Hon. Anita Annet Among said that the suction issued against her by the US and the UK will not divert her from doing what is right.
She added that the Parliament remains steadfast in its commitment to ensuring the welfare of society, promoting just governance, and creating a society that upholds the good and dignity of all our people.
In attendance was the Minister of Education and Sports, First Lady of the Republic of Uganda Janet K Museveni, other Cabinet Ministers, Presiding Officers, High Commissioners, Members of the Parliament, Traditional, Cultural, and Religious Leaders, Ambassadors and among others.
