The Minister of Education and Sports, First Lady Janet Kataaha Museveni has appealed to the Commercial Banks to temporarily halt the repayment of loans by schools until they resume operations.
First Lady Janet Museveni recently met with representatives of the Uganda Bankers Association to discuss how to support proprietors of private education institutions over non-performing loans.
Without delving into details, Janet revealed on Twitter that the meeting was fruitful as she appealed to the Bankers to courteously treat proprietors of private education institutions when it comes to loans repayment.
“My appeal to the banks in Uganda is to consider halting the repayment of loans by schools until they are operational again and can generate income that will enable them to pay back the outstanding loans,” Janet said.
The education sector has been one of the most affected sectors in the country since the COVID-19 pandemic struck in early 2020. Whereas other sectors of the economy have since then been opened, educational institutions remain closed and some of them have been forced to permanently shut down while the majority that picked loans from the Banks have been struggling to pay as others have been mortgaged and sold off by Banks.
However, in his latest address, President Yoweri Museveni assured the country that in January 2022 all sectors of the economy shall be reopened regardless of the number of the people who get vaccinated.
