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COVID-19: To pay or not to pay NSSF members their savings; what do the experts say? Barely a month after Covid-19 made a landfall in Uganda, the economy is beginning to cave in. Business confidence index has sharply fallen, conservative government figures project much slower growth in all aspects of the economy- and this is just the beginning. Government has suggested a number of interventions, but sections of the public, unsatisfied with the measures are now suggesting that the National Social Security Fund (NSSF), should tap into its UGX11 trillion Fund and make a part payment to its savers to jumpstart demand that is expected to be severely depressed as job cuts rage and banks cut back lending at the height of the Covid-19 crisis. In this rather long analysis, several analysts we talk to argue that while direct cash handouts to NSSF members is bad economics, similarly NSSF not doing anything for its members at the hour of most need, merely pleading legal limitations, is dogmatic economics. NSSF must have a direct role in post-Covid-19 recovery, beyond just lending to government via bonds and other monetary policy instruments. The Fund, must also come up with creative solutions for their distressed members.
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