Senior Presidential Advisor on the Media, Tamale Mirundi believes the much advocated for financial bailout cannot work in the country.
Mirundi, a former Presidential Spokesperson revealed this last week in an exclusive interview with Business Focus saying, leaders made mistakes that plunged the country in the current economic mess.
“The financial bailout cannot work in Uganda because most companies are owned by families that rarely make audits which is essential for the process to be successful,” Mirundi said.
Last year, Ugandan news outlets were awash with information that a number of companies and tycoons had run broke and were seeking a government bailout.
He added, “The country basically depends on the informal sector which pays taxes yet the recent years have seen government give so called tycoons exemption hence the problem.”
Tamale, a now most sought after radio and television guest analyst also revealed that Kampala City Traders Association (KACITA) had previously complained about the high Interest Rates by commercial banks, something he said could have contributed to the bad economy.
“Crane Bank wanted to get money and retain mortgages which was unfair to customers hence the collapse,” Mirundi said.
On what government can do to save its collapsing economy, Mirundi, an ardent supporter of the country’s president said, Museveni should convince the country that he is still around to restore investor confidence.
Good Write up.
Regards,
William