Uganda's Finance minister Maria Kiwanuka on Thursday averted an
embarrassing demonstration by youths who had earlier threatened to walk
naked before the President over the continued failure to release Ush44.5
billion for the jobless.
While making a presentation
to the party caucus where NRM legislators grilled her for the delay, Ms
Kiwanuka assured the MPs that the money will be released by end of this
month. Youths had vowed to carry out a demonstration yesterday.
“The
Youth MPs were furious that the minister is sitting on youth money,” a
member who requested not to be named because the NRM Caucus proceedings
are held behind closed doors, said. “They repeated their threat to
demonstrate while naked in front of the President.
The Minister faced hard time because she had earlier assured members that money will be released but it appears she lied.”
The Minister faced hard time because she had earlier assured members that money will be released but it appears she lied.”
Youth MPs had given
government up to Friday (yesterday) to release their money or they
mobilise jobless youths in the country to come to Kampala and demand the
Shs44.5b promised in the budget for job creation.
Caucus
Spokesperson Evelyn Anite confirmed the developments, adding that the
minister said unexpected delays in the signing of the Memorandum of
Understanding with the implementing Banks (Stanbic, Centenary and dfcu
banks).
Tough conditions for money
“She told the caucus that the MoU is going to be signed this week and by end of this month the youth will be able to access their money,” Ms Anite said. “The minister told us that Shs5.5 billion was released to KCCA and that the money will be accessed at 15 per cent interest rate.”
“She told the caucus that the MoU is going to be signed this week and by end of this month the youth will be able to access their money,” Ms Anite said. “The minister told us that Shs5.5 billion was released to KCCA and that the money will be accessed at 15 per cent interest rate.”
Ms
Anite told Saturday Monitor that the view of the Caucus was that the
jobless youth should be allowed to borrow the money at 10 per cent. The
Minister also put conditions for those who will benefit from the venture
capitals fund. Ms Kiwanuka reportedly told the caucus that the money
will be accessed by Ugandans who have attained the minimum O-Level
qualification.
Those individuals with registered
companies should have at least four employees to be allowed to borrow
Shs25 million and Shs5 million for an individual. The youth are also
supposed to present two referees before accessing the money.
In
the 2011/12 Budget, government announced the Youth Entrepreneurship
Venture Capital Funds to help the jobless youth. However, halfway into
the financial year, the youth have not yet received the money.
Source: Daily Monitor mobile.monitor.co.ug: Posted by Yasin Mugerwa ymugerwa@ug.nationmedia.com
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