Kampala — Uganda’s President Yoweri Museveni on Thursday denounced the World Bank’s decision to suspend new funding in response to a harsh anti-LGBTQ law and vowed to find alternative sources of credit.
The country will have to revise its budget to absorb the move’s potential effect, a junior finance minister said.
The World Bank said on Tuesday that the law, which imposes the death penalty for certain same-sex acts, contradicts its values and that it will pause new funding until it can test measures to prevent discrimination in projects it finances.
The World Bank has an existing portfolio of $5.2bn in Uganda, though these projects will not be affected.
The anti-LGBTQ law, enacted in May, has drawn widespread criticism from local and international rights organisations and Western governments, though it is popular domestically.
Museveni said in a statement Uganda is trying to reduce borrowing and will not give in to pressure from foreign institutions. “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 underestimate all Africans.”
Museveni said that if Uganda needs to borrow, it can tap other sources, and oil production, which is expected to start by 2025, will provide additional revenues. He added that he hopes the World Bank will reconsider its decision.
The government will ask parliament to vote through a revised 2023/24 budget to reflect the potential financial effect of the lending suspension, junior finance minister Henry Musasizi told parliament on Thursday. “We shall be coming in one week or so ... to ask for your approval,” Musasizi told legislators.
In June, the US imposed visa restrictions on some Ugandan officials in response to the law. President Joe Biden also ordered a review of US aid to Uganda.
Reuters
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