The fiscal budget for the year 2007/8 recognised the impact of high lending interest rates on the cost of doing business in Uganda.
We commend the budgetary strategies to reform the insurance and pensions sectors, recapitalisation of Uganda Development Bank reduction in external borrowing, making interest earned on mortgage finance tax deductible and lifting the moratorium on licensing of new commercial banks in order increase sources of long term finance and increase competition in the commercial banking sector, to trigger reduction in lending interest rates.
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