IMF envoy raps banks
Dec 17, 2002
The International Monetary Fund resident representative, Walter Mahler, has criticised commercial banks in Uganda for not getting involved in high risk lending to finance business for development
The International Monetary Fund resident representative, Walter Mahler, has criticised commercial banks in Uganda for not getting involved in high risk lending to finance business for development, reports John Odyek.
Mahler told the Parliament’s committee on finance yesterday that donors were planing to tighten their grip on the proper use of donor money as plenty of money being given was being pocketed by individuals.
He said many Ugandan companies that were registered are owned by people who were dead or non-existent.
He said Uganda Revenue Authority’s tax collection could be improved by one third or one quarter if all the collected money was declared by the tax collectors.
Mahler appeared before the committee to discuss issues relating to the financial sector and the economy.
He said the economic growth target of 7% was high and could not be achieved because of corruption.
Mahler told the Parliament’s committee on finance yesterday that donors were planing to tighten their grip on the proper use of donor money as plenty of money being given was being pocketed by individuals.
He said many Ugandan companies that were registered are owned by people who were dead or non-existent.
He said Uganda Revenue Authority’s tax collection could be improved by one third or one quarter if all the collected money was declared by the tax collectors.
Mahler appeared before the committee to discuss issues relating to the financial sector and the economy.
He said the economic growth target of 7% was high and could not be achieved because of corruption.