NLC to establish more banks to boost economic development
A National Liberation Congress (NLC) government will create an environment for the establishment of more banks to fund all sectors of the economy, the Founder and Leader of the party, Stephen Atubiga, has said.
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When that was done, he said, an NLC government would then cancel all government budgetary allocations to all ministries except the Education Ministry and security agencies, to enable them to reposition themselves to run like business entities.
Oulining his party’s vision for the country, Mr Atubiga told the press last Wednesday that the foundation of revamping all structures of “our country and pulling everyone along …is by establishing more banks for all sectors of the economy”.
Example
He said Singapore, with a population of 10 million, had about 378 banks funding all sectors of the economy. “All ministries must explore the commercial sections of their ministries in partnership with the citizens to raise revenue for the state. There is a commercial section at all ministries to explore,” he said.
Mr Atubiga indicated that under the NLC’s government, the Ministry of Finance would be supporting the ministries with letters of credit as support to all projects in partnership with the citizens to enable their commercial projects to secure funding from the banks that fell under them.
“This move gives confidence to all privately owned banks, both local and international; the comfort to grow alongside government sectors,” he said, adding that once that was done well, a good foundation would be put in place for the private sector to grow with the government sectors.
Unemployment
In doing that, he said unemployment would be a thing of the past as opportunities would be created for those who were unemployed and that the government would also generate more taxes from the initiative.
“The benefit of more banks in the country is to boost all sectors of the economy and also help all ministries of our country grow with the citizens in job creation,” he said.
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Mr Atubiga explained that in the area of health for instance, a special bank would be responsible for funding citizens to open more hospitals in the rural areas under the national health insurance.
That, he said, would then reduce the stress on the government in opening more hospitals in deprived communities. On education, he said technical schools would be run like another arm of government and that they would be in charge of renovating and maintaining infrastructure, maintaining and repairs of government vehicles, among other things.
Again, he said every region would have different set of uniforms for the security agencies