President Museveni on Thursday backed his ruling NRM Caucus has on to take a strong stance on money lenders and resolved to support strict regulation of the exorbitant interest rates.
The Government Chief Whip, Denis Hamson Obua, who is also the Caucus Chairman, told journalists at Parliament, after the State House meeting, that the ruling party leaders unanimously committed to back President Museveni’s directive to regulate the radical lending rates.
“The Caucus unanimously supported the directive of H.E. the President to the Minister of Finance, Planning and Economic Development to promulgate a statutory instrument to operationalize Section 90 of Tier 4 of the Microfinance and Money Lenders’ Act 2016, within 2 weeks to control interest rates,” said Obua.
Adding: “We need to outlaw and, if it’s necessitated, criminalize charging interests outside the prescribed rates.”
NRM MPs also accepted the invitation of the party Chairman, President Museveni to a leadership retreat at Kyankwanzi.
“We warmly welcomed the invitation of H.E. the President to a retreat of the NRM Parliamentary Caucus at the National Leadership Institute, Kyankwanzi, after Independence – focused on the theme: ‘How to Lead’,” he said.
The Caucus reiterated on fight against corruption and resolved to back the amendment to strengthen the existing legal mechanisms against the vice, that adversely impacts on service delivery, desired amenities for citizens and inclusive development.
“We resolved to support H.E. the President in Parliament, when an amendment is introduced to strengthen the Anti-corruption legal regime – particularly to fight the white collar extortion,” he noted.