The government has pledged to cover all bank charges for loans disbursed under the program of the Parish Development Model (PDM).
The announcement was made by State Minister of Finance Henry Musasizi during a PDM sensitisation event in Hamuhambo Town Council, Rubanda District.
This decision comes in response to President Museveni’s directive that beneficiaries should receive the full loan amount of Shs 1 million allocated as the minimum under the initiative.
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Furthermore, Musasizi said some banks had been deducting as much as Shs30,000 from beneficiaries’ loan amounts, an issue flagged during President Museveni’s recent nationwide tours.
“This move ensures that PDM beneficiaries receive the full funding intended to support their economic development initiatives,” Minister Musasizi stated, adding that it would enhance the program’s impact on transforming livelihoods through sustainable economic development.
President Museveni has been actively engaging with stakeholders, including beneficiaries, local leaders, and financial institutions, to ensure the PDM program’s success.
By directing the government to absorb bank charges, the President aims to remove financial barriers and maximise the program’s effectiveness.
Covering bank charges ensures that beneficiaries can fully utilise the allocated funds to implement their economic activities without concerns over deductions.
In conclusion, Minister Musasizi emphasised that this development reflects the government’s commitment to promoting economic growth and improving the livelihoods of all Ugandans.
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