Last Updated on: 10th August 2023, 01:02 pm
Kampala I World Bank has announced cutting funding aid to Uganda after it ratified Anit-Homosexuality Act 2023. The Bank said the Law contradicts its (Bank) 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 said.
A day after the Bank decided, President Museveni hit back, saying with or without loans, Uganda will develop. “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.
“That is why some years ago I put down my foot and forbade agreeing to any loan before my approval. Hence, we now borrowing less and cautiously,” said Museveni in his hand-written letter to Ugandans.
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“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.
“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 with the World Bank so that both they and we avoid this diversion if possible.”
Museveni, in the same letter, assured Ugandans that things are moving well in spite of the corruption of some public servants and some elements of the political class.
“The private sector in farming and manufacturing are the ones developing and transforming Uganda, in spite of the inconveniences by the corrupt officials..” he added.