Government welcomes proposal on forced savings

Government welcomes proposal on forced savings

By Moses Kidandi

The Government has welcomed the proposal by the Private Sector Foundation of Uganda (PSFU) on forced savings for workers.

The private sector is asking government to come up with a law that requires all Ugandans to forcefully save their income as a way of increasing domestic savings in the country.

The chairman Uganda Chamber of Mines and Petroleum Elly Karuhanga, says there is need for legislation requiring all Ugandans to forcefully save their income as a way of increasing domestic savings in the country.

Karuhanga has told the minister of finance that forced savings will increase domestic savings from which government can borrow to pay domestic debt cheaply instead of borrowing expensively from the World Bank.

Photo: ChimpReports

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