President Yoweri Kaguta Museveni has fulfilled his Shs2 billion financial pledge to the Muslim Women SACCOs in the country.
He also extended financial support of Shs 1.2 billion to the ghetto SACCOs in the 12 districts and city of Busoga Sub-region.
On behalf of the President, the package was handed over to the beneficiaries by the State House Comptroller, Ms. Jane Barekye today at Okello House, Nakasero, Kampala.
Ms. Barekye informed the beneficiaries that the funds should be utilized according to the Presidential directive whereby they can borrow, invest, then pay back after one year at an interest of 6 percent.
For clarity, Ms. Barekye explained that the 6 percent interest applies on ghetto SACCO funds whereas for the Muslim Women SACCO funds, a service fee of 6 percent will be charged per annum.
Furthermore, she said that the money is not a personal donation but support from the government to empower the groups economically.
“Whoever misuses this money, will be arrested and jailed,” she warned.
The event was also attended by the Special Presidential Assistant on Press and Mobilization, Haji Faruk Kirunda who also serves as the coordinator of the Busoga Ghetto SACCOs and Muslim Women SACCOs in the country. On the directive of the President, Haji Kirunda and Crime Intelligence Director, Maj. Gen. Christopher Ddamulira were tasked to coordinate the ghettos in Busoga.
Haji Kirunda cautioned the beneficiaries against misusing the funds, explaining that this particular Presidential support is not meant for elections or politics but rather it’s for empowering them to uplift their livelihoods.
“The President gave out this support because you gave him a proposal way back and now the government is fulfilling what it promised you,”he said.
“This money is not from President Museveni as a person but from the government so don’t come in the name of politics to misuse it because if you do so, you will be arrested and dealt with according to the law.”
Haji Kirunda further noted that his Office is going to put up a system to monitor how the SACCOs are using the money in order to ascertain its impact.
“H.E the President said that by the end of each year, an audit will be conducted to know the status of the funds,” he said.
“No one is supposed to increase or reduce the interest rate apart from H.E the President. It should be 6 percent as the President directed.”
The National Chairperson of Uganda Muslim Women Council, Hajjat Sofia Kenyangi thanked President Museveni for fulfilling his pledge to the Muslim Women.
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