KAMPALA — President Museveni has responded to people’s concerns on loan re-payment deadlines amid Coronavirus lockdown, asking financial institutional to act reasonably and reschedule the loans.
Addressing the nation on Tuesday April 14 afternoon, the president said the government will speak to the banks not to confiscate people’s collateral during the COVID-19 pandemic lockdown.
“Definitely, we are going to discuss with the banks. I cannot support that banks confiscate people’s property. They should see a way of stretching out that loan repayment period,” the president said.
“They should be realistic, as they can also see what is happening now,” he added.
Traders had asked banks to ease loan repayment conditions to borrowers whose income streams have been affected by the global COVID-19 pandemic.
The chairperson of Kampala City Traders Association (KACITA), Mr Everest Kayondo last month asked the Ministry of Finance and Central Bank to engage with local banks in a bid to come up with measures to mitigate the economic impact of the pandemic.