Youths to March to Parliament in Support of Bailouts


A group of youths have organized a procession to Parliament in solidarity with local business owners who are reportedly set to receive financial support from government.

The news of the so called bailout for 65 companies which are said to be deep in debts has since attracted largely negative remarks from civil society organizations, approved politicians and the public.

The youth however, under their organization The Corporate Youth Forum (CYF) said the local companies must get this backing or the country’s economy with be under threat.

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According to the group’s publicist Brian Lubega, they are marching to Parliament to push the MP to expedite this bail out arrangement.

Lubega told a press conference at Makerere University on Monday that his group is fighting only  for what is good for the country’s economy.

He said after their research, they realized that the said businesses are in a crisis and deserve to be helped, owning to their contributions to the economy.

One of the reasons the businesses are in debt according to Mr Lubega is because they have been acquiring loans from Ugandan commercial banks at exorbitant interests. Besides, he added, the country has been going through economic hardships such as inflation after the elections.

At parliament, the youths said, they will hand a petition to the Speaker entailing their reasons for their stance and a call for MPs to speed up the bail out process.

“The more it is delayed, the more jobs will be lost, the more the taxes,” he said.

“We want the parliament to act fast because local investors employ 70%of the youth in Uganda,” Oscar Kyobee the chairman of the forum said.

“Uganda is not going to be the first country to do this; countries like Russia have always helped out their local investors. Bailout will help protect investors from fleeing the country to other counties.”


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