By Najibu Mulema
Senior presidential advisor on finance and economic planning,Prof.Ezra Suruma has downplayed claims that the economy is melting down due to the recent development in the banking sector.
This follows fears raised over the states economy after the Central Bank took over the management Crane Bank last week. Prof.Suruma says like any other business, banks also face challenges.
However,he says the government cannot let a bank to fail when it has people’s savings.
“In other businesses when something happens,you can allow them to fail and no one will be surprised but incase of a bank we cannot allow it to fail because it has deposits of the public so if the bank has difficulties that is normal,but what is more important is the government or the central bank makes sure that the interest of all depositors are all protected. “Suruma said.
He further said, the problems in the economy of the country are normal and a country should always expect periods of rapid and slow growth.