On Tuesday, August 8, the World Bank declared that it would halt project financing in Uganda following a review of measures it had put in place to protect sexual and gender minorities from discrimination and exclusion in its projects.
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Don’t panic - Museveni tells Ugandans, says World Bank and co are ‘underestimating Africans’
Ugandan President Yoweri Museveni has called the bluff of the World Bank’s decision to cut funding to projects in the eastern African country, saying the Breton Woods institution others are only “underestimating Africans”.
Yoweri Museveni, President of Uganda [VOA]
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“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values.
“We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality. This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world,” the World Bank said in a statement.
The decision followed Uganda’s passage of an anti-LGBTQ+ law, which the government of the United States of America condemned and threatened sanctions against the country.
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It has sparked fears that the Ugandan economy might suffer greatly without the support of the World Bank. But the country’s no-nonsense President, Museveni assured Ugandans that they would survive without foreign assistance.
“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 where they were completely unnecessary.
“That is why some years ago, I put my foot down 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,” Museveni said, as quoted by Pulse.ug.
He added that the country will be drilling its first oil by 2025, and if before that time external help is needed, Uganda would look elsewhere, and not the World Band and its allies.
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“If there is an absolute need for borrowing, there are a number of non-Bretton Woods sources from where we can borrow.
“Moreover, our first oil will start flowing by 2025; that will be an additional source of state revenues and also financial flows 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 touted the growth in the country’s agriculture, industries, and the expanding services sector, which could be leveraged to sustain the country without foreign aid.
“That is why inflation is now 3,9% one of the lowest in the world.
“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 Africans,” he stressed.
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Meanwhile, the sponsors of Ghana’s controversial anti-LGBTQ+ bill which is before parliament awaiting passage into law, have vowed to remain steadfast and ensure it sees the light of day despite threats such as the fate that has befallen Uganda.
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