Museveni tells World Bank: Uganda Will Develop with or without Loans

President Museveni has responded to a decision by World Bank to suspend new funding for Uganda over the Anti-Homosexuality law.

In a statement issued on August 8, World Bank said Uganda’s Anti-Homosexuality Act contradicts its values.

“After reviewing our portfolio in the context of the new legislation, no new public financing will be presented to our Board of Executive Directors,” the bank wrote.

In his response on Wednesday, Museveni said an official from the World Bank rang him about the suspension of any new requests from Uganda for loans.

“I want to inform everybody, starting with Ugandans, that Uganda will develop with or without loans,” he stated.

He added: “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.”

Museveni said if there is absolute need for borrowing, there are a number of non-Bretton Woods sources from where Uganda can borrow.

“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 went on: Moreover, our first oil will start flowing by 2025.”

He said that will be an additional source of State revenues and also financial flow into the economy.

“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.”

Museveni said he has patiently explained to some of the actors that merely being a homosexual is not targeted by this law.

“It is going from being a homosexual to recruit or coerce others into your deviance, that is targeted by the law. If there are any residual illogicalities in the law, we shall identify them and handle them ourselves like we fought Idi Amin, and the other tyrants and extended solidarity to our brothers and sisters in Southern Africa that were fighting colonialism and Apartheid.”

He added: “We do not need pressure from anybody to know how to solve problems in our society. They are our problems. We are continuing to talk to with the World Bank so that both they and we avoid this diversion if possible.”

According to him, things are moving well in Uganda in spite of the corruption of some Public Servants and some elements of the political class.

He said the Private sector in farming and manufacturing are the ones developing and transforming Uganda, in spite of the inconveniences by the corrupt officials.

“That is why inflation is now 3.9%, one of the lowest in the world. However, the corrupt will be accountable for their betrayal and they will be weeded out.”

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