Kampala's naked demo averted with cash commitment

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.”
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.” 

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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