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Independent AfricaUganda's president mull alternative credit sources after World Bank suspends funding...

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Uganda’s president mull alternative credit sources after World Bank suspends funding over LGBT law

Uganda’s President Yoweri Museveni expressed his disapproval on Thursday regarding the World Bank’s decision to halt new funding due to a stringent anti-LGBTQ law.

He vowed to identify alternative credit sources to counteract this action.

In response to the potential repercussions of this move, a junior finance minister mentioned that the country might need to adjust its budget accordingly.

The World Bank announced on Tuesday that it deemed the law, which includes the death penalty for specific same-sex activities, contradictory to its principles.

Consequently, the Bank would suspend new funding until it could evaluate methods to prevent discrimination in projects funded by it.

Uganda currently has an ongoing portfolio of $5.2 billion with the World Bank, and the existing projects within this portfolio will remain unaffected.

The anti-LGBTQ legislation, enacted in May, has garnered criticism from both local and international human rights organisations as well as Western governments, despite its domestic popularity.

Museveni’s statement highlighted that Uganda is striving to minimise borrowing and will not bow to pressure from foreign entities.

“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,” he said.

Museveni said that if Uganda needed to borrow, it could tap other sources and that oil production, expected to start by 2025, would provide additional revenues.
He added that he hoped the World Bank would reconsider its decision.

The government will ask parliament to vote through a revised 2023–2024 (July-June) budget to reflect the potential financial impact 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 lawmakers.

In June, the United States imposed visa restrictions on some Ugandan officials in response to the law. President Joe Biden also ordered a review of U.S. aid to Uganda.

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