Movt to discuss interest rates

Jun 15, 2004

PRESIDENT Yoweri Museveni will convene a Movement conference to discuss the reduction of bank interest rates, which are curtailing low-income earners like agriculturists from developing.

By Ebenezer Bifubyeka

PRESIDENT Yoweri Museveni will convene a Movement conference to discuss the reduction of bank interest rates, which are curtailing low-income earners like agriculturists from developing.

State minister for fisheries Fabius Byaruhanga said this at the launch of individual loans scheme through Uganda Agency for Development (UGAFODE) limited at Mbarara Independence Park on Saturday.

“As the Government tries to intervene, I urge micro-finance institutions to subsidise the bank interest rates for the farmers because agriculture is our basis of development. Try to favour the fish farmers because their internal rate of return is 50%,” he said.

He asked UGAFODE management to put more emphasis on group loans.

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