The opposition party National Economic Empowerment Dialogue (NEED) has asked the government to bail out all struggling and distressed large indigenous investors, companies, and businesses so they can stabilize and create employment opportunities for Ugandans.

Moses Matovu, the head of publicity at NEED, made this call on November 1, 2023, while addressing the press at the party offices in Rubaga, and asked the government to put up a fund to bail out struggling investors through the Ministry of Finance and monitor their performance.

“Businesses are on the verge of collapsing due to bank loans that were affected by COVID-19. Let the government bailout these companies and investors and monitor their performance through the Ministry of Finance,” Matovu said.

He noted that they engaged several business owners and companies, who narrated that they were seeking bailouts from the government to stay afloat.

He further revealed that ever since COVID-19 hit the world and Uganda at large,many businesses have struggled financially and are distressed with bank interest rates.

“A number of local investors have been crying to the government to rescue them by giving them funds at low rates and scrapping off taxes so they can revive their businesses,” Matovu said.

Last month, the government through the Ministry of Finance bailed out Patrick Bitature with cash amounting to Ugx240.9 billion.