• Latest
Museveni Assents to Six Bills

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

2 years ago
Makerere Becomes First African University to Join Global Foreign Studies Alliance

Makerere Becomes First African University to Join Global Foreign Studies Alliance

2 days ago
Eng Grania Rosette Rubomboras Appointed New ERA Board Chairperson

Eng Grania Rosette Rubomboras Appointed New ERA Board Chairperson

2 days ago
Gov’t Offers 2,300 Free Market Stalls to Relocate Street Vendors

Gov’t Offers 2,300 Free Market Stalls to Relocate Street Vendors

2 days ago
Karamoja Campaign Trail: Museveni says Oil Revenue Will Fuel Infrastructure Dev’t

Karamoja Campaign Trail: Museveni says Oil Revenue Will Fuel Infrastructure Dev’t

2 days ago
Uganda is the Most Democratic Country in the World – Museveni

Uganda is the Most Democratic Country in the World – Museveni

2 days ago
Museveni Hails UPDF, Locals for Securing Acholi Region

Museveni Hails UPDF, Locals for Securing Acholi Region

2 days ago
SoftPower News
Monday, October 27, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home Business

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

by Rogers Atukunda
August 10, 2023
Museveni Assents to Six Bills

President Museveni

434
VIEWS

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.

Related Stories

Makerere Becomes First African University to Join Global Foreign Studies Alliance

Eng Grania Rosette Rubomboras Appointed New ERA Board Chairperson

Gov’t Offers 2,300 Free Market Stalls to Relocate Street Vendors

“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.”

Tags: loansMuseveniNew fundingoilSoftPowerSoftPower NewsTop Uganda NewsUgandaWorld Bank

Recent Stories

Makerere Becomes First African University to Join Global Foreign Studies Alliance

Eng Grania Rosette Rubomboras Appointed New ERA Board Chairperson

Gov’t Offers 2,300 Free Market Stalls to Relocate Street Vendors

Karamoja Campaign Trail: Museveni says Oil Revenue Will Fuel Infrastructure Dev’t

Uganda is the Most Democratic Country in the World – Museveni

Museveni Hails UPDF, Locals for Securing Acholi Region

SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?