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Uganda can survive without World Bank loans- Museveni

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Simon Kabayo
Simon Kabayohttps://eagle.co.ug
Reporter whose work is detailed

President Museveni has assured the citizens that Uganda can develop with or without World Bank funding after the latter suspended new public financing to Uganda over its passing of the Anti-Homosexuality Act, 2023.

The World Bank suspended the financing claiming that Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values.

“We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality. This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world,” read part of the World Bank’s letter.

According to the President, no one can coerce Uganda into abandoning its principles.

“Last night, an official from the World Bank rang me to alert me about the statement from that Bank regarding the suspension of any new requests from Uganda for loans,” he wrote on Wednesday evening.

“I want to inform everybody, starting with Ugandans, that Uganda will develop with or without loans. It is, therefore, unfortunate that the World Bank and other actors dare to coerce us into abandoning our faith, culture, principles and sovereignty, using money. They really under-estimate all Africans,” he added.

On Tuesday, the World Bank announced that Uganda’s Anti-Homosexuality Act was against its values of equality and protection of sexual minorities, hence could not continue supporting Uganda with loans.

But Museveni said nobody should put Uganda under any form of pressure since it’s a sovereign state.

“We do not need pressure from anybody to know how to solve problems in our society. They are our problems,” he said.

“We are continuing to talk with the World Bank so that both they and we avoid this diversion if possible,” he added.

Museveni further reassured that the economy itself is becoming self-sustaining through oil exploration, agriculture, industries, and the burgeoning services sector.

“Moreover, our first oil will start flowing by 2025; that will be an additional source of state revenues and also financial flows into the economy. With discipline, patriotism and combating corruption, we shall thrive because our agriculture is there, our industries are growing and our services sector is expanding.”
On May 26, President Museveni signed into law the Anti-Homosexuality Bill, attracting backlash from the West and cheers from religious leaders.

The Anti-Homosexuality law introduces strict penalties including death for aggravated homosexuality, as well as imprisonment of up to 20 years for acts of homosexuality, promoting, child grooming and promotion of the vice.

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