• About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, August 11, 2022
District Focus
  • Home
  • Business
    • Technology
  • Life&Style
    • Health
    • Women
  • News
    • National
    • Religion
    • World
  • Opinion
    • Columnists
    • Letters
  • Sports
  • Video
No Result
View All Result
  • Home
  • Business
    • Technology
  • Life&Style
    • Health
    • Women
  • News
    • National
    • Religion
    • World
  • Opinion
    • Columnists
    • Letters
  • Sports
  • Video
No Result
View All Result
District Focus
No Result
View All Result
Home Business

Write-off UGX 108B Youth Livelihood Program Loans

by Abel Turinawe
August 29, 2020
in Business
0
Some of the beneficiaries of the YLP
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter

The government has unveiled plans to write off loans to a tune of 108 billion Shillings that were given out under the Youth Livelihood Program. This follows a failure by the recipients to reimburse the money, especially during the COVID-19 pandemic.  

The plan was unveiled by the State Minister for Labour, Mwesigwa Rukutana in a presentation before the National Economy Committee of Parliament. The Ministry officials had appeared before the meeting to submit their views on the impact of the COVID-19 pandemic on the economy. 

Rukutana told the committee that close to 23,248 projects financed under the Youth Livelihood Program and Uganda Women Entrepreneurship Program are at risk of collapse due to the poor performance and slow recovery of funds. This, he says, will affect close to 500,000 youths and women. 

Rukutana explained that under the Youth Venture Capital Fund, at the time of the lockdown, 8.6 billion Shillings was lent out to the youths but no repayment has been received since.  Additionally, recoveries under the Youth Livelihood Program -YLP and the Uganda Women Entrepreneurship Program-UWEP have dropped by 90 per cent. 

“This means that the government will have to write off up to 108 billion Shillings in non-recoverable loans under YLP and UWEP. Writing off loans will reduce the fund portfolio which in turn will reduce the number of youth and women benefiting from interventions thus increasing youth unemployment by 2.7 per cent,” said Minister Rukutana. 

The revelation prompted MPs to call for the halting of the Youth Livelihood Program until a new study is carried out on its viability at elevating youths from poverty. Aswa County MP Reagan Okumu said that the Youth Livelihood Program had performed poorly even before the Coronavirus pandemic and that the failure should not in any way be blamed on COVID. 

“The Youth Livelihood Fund needs to be revisited; it is wasting a lot of money. I don’t know whether it can be blamed on the nature of our youths. They are gathered in trading centres, playing cards and looking for pork and stealing. We shouldn’t continue passing money in the name of YLP until the project isn’t streamlined,” Okumu said. 

Buvuma Island MP Michael Migadde also called for a review of the Youth Livelihood Program, saying the project was already on the verge of collapse before COVID-19 because the youths in Buvuma were already not repaying the money they had obtained from the Ministry of Gender.      

This comes at a time when businesses worldwide are struggling due to the effects of COVID-19 and institutions are asking for stimulus packages to resume operations as they have been hit by the lockdown.

Alex Otto

Comment on this story
Previous Post

Stanbic Bank unveils online Trade Information

Next Post

Minister Magyezi Cautions against Sale, Lease of Public Property in New Cities

Next Post
Minister Magyezi Cautions against Sale, Lease of Public Property in New Cities

Minister Magyezi Cautions against Sale, Lease of Public Property in New Cities

Leave a Reply Cancel reply

Your email address will not be published.

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Barcelona drag PSG to court, blocking Messi’s transfer

Barcelona drag PSG to court, blocking Messi’s transfer

August 9, 2021
Covid-19:Uganda receives 1.6m doses of Pfizer vaccine

COVID-19: Vaccination Centres in Kampala, Wakiso, Mukono Districts[Released List]

September 27, 2021
Mbappe finally chooses next club

Mbappe finally chooses next club

August 9, 2021
Lions Clubs root for women empowerment through innovation

Lions Clubs root for women empowerment through innovation

March 12, 2022
Impassable Roads In Omoro, Residents Angry

Impassable Roads In Omoro, Residents Angry

6718
Teachers Without COVID-19 Certificates Locked Out in Nabilatuk District

Teachers Without COVID-19 Certificates Locked Out in Nabilatuk District

296
BUNYORO REGION WELCOMES NEW HOIMA OIL CITY.

BUNYORO REGION WELCOMES NEW HOIMA OIL CITY.

12
Local Government Minister Angered by Delayed Works

Local Government Minister Angered by Delayed Works

7
Henry Ford quotes that you should read this Weekend

Henry Ford quotes that you should read this Weekend

July 23, 2022
He deleted my life [story]

He deleted my life [story]

May 31, 2022
University Youth called on to exhibit skills in leadership, entrepreneurship

University Youth called on to exhibit skills in leadership, entrepreneurship

May 30, 2022
Role of Uganda Development Bank Limited (UDBL) towards post pandemic recovery of the tourism sector in Uganda

Role of Uganda Development Bank Limited (UDBL) towards post pandemic recovery of the tourism sector in Uganda

May 30, 2022
ADVERTISEMENT
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Call us: :+256702579156
Email: info@districtfocus.co.ug

© 2021 District Fucus Ltd.

No Result
View All Result
  • Business
  • Life&Style
  • News
  • Opinion
  • Photography

© 2021 District Fucus Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist