Uganda will develop with or without loans – Museveni Hits Back at World Bank.

Uganda will develop with or without loans – Museveni Hits Back at World Bank.

The President of Uganda, His Excellency Yoweri Museveni has hit back at World Bank after their recent statement on halting public financing to Uganda due to the country’s ban on homosexuality.

In a statement from World Bank, they mentioned that they will stop public financing to Uganda.

“No new public financing to Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures” The statement read in part.

They added that this outcome was based on Uganda’s disrespect for World Bank’s values through passing the anti-homosexuality law.

“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.”

Museveni in a written statement hit back hard at the World Bank citing that Uganda can sustain itself and will develop with or without funding.

“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 said

“I want to inform everybody, starting with Ugandans that, Uganda will develop with or without loans” the written statement read in part.

He says many of the loans were got carelessly and without his consent.

“As a matter of fact, many of the loans in the past, were being carelessly entered into by officials behind my back when they were completely unnecessary.”

“That is why some years ago, I put down my foot and forbade agreeing to any loan before my approval. Hence, we are now borrowing less and cautiously. Yet our economy is growing, other global challenges such as the war in Europe, corona, etc., notwithstanding.

He says Uganda has other sources from which they can get loans

“If there is absolute need for borrowing, there are a number of non- Bretton Woods sources from where we can borrow.”

Museveni added that other avenues will be through combating corruption and other sources like industries and agriculture.

“With discipline, patriotism and combating corruption, we shall thrive because our agriculture is there, our industries are growing and our services sector is expanding.” Museveni noted

He warned the west and the World Bank for interfering with Uganda’s cultural norms and values.

“It is, therefore, unfortunate that the World Bank and other actors dare to want to coerce us into abandoning our faith, culture, principles and sovereignty, using money. They really under-estimate all Africans.”

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

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