President Yoweri Kaguta Museveni has assured Ugandans that the country will develop with or without loans.
“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. I want to inform everybody, starting with Ugandans, that Uganda will develop with or without loans. 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,” the President said.
President Museveni’s statement follows a decision by the World Bank to halt new loans to Uganda over the recently signed Anti- Homosexuality Law.
H.E Museveni explained that some years ago, he put down his foot and forbade agreeing to any loan before his approval and hence, Uganda is now borrowing less and cautiously yet her economy is growing; other global challenges such as the war in Europe, corona, etc., notwithstanding.
He added that if there is absolute need for borrowing, there are a number of non- Bretton Woods sources from where the country can borrow.
“Moreover, our first oil will start flowing by 2025. That will be an additional source of State revenues and also financial flow into the economy. With discipline, patriotism and combating corruption, we shall thrive because our agriculture is there, our industries are growing and our services sector is expanding,” President Museveni noted.
He further condemned the World Bank and other actors for daring to coerce Uganda into abandoning her faith, culture, principles and sovereignty, using money.
“They really under-estimate all Africans. I have 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,” President Museveni added.
“If there are any residual illogicalities in the law, we shall identify them and handle them ourselves like we fought Idi Amin, the other tyrants and extended solidarity to our brothers and sisters in Southern Africa that were fighting colonialism and Apartheid.”
He also warned that as a country, they don’t need pressure from anybody to know how to solve problems in their society.
“We are continuing to talk with the World Bank so that both they and we avoid this diversion if possible.”
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