In a resolute response to the World Bank's decision to suspend new funding to Uganda in light of the controversial anti-LGBTQ law, President Yoweri Museveni has criticized the move, vowing to seek alternative credit sources. The World Bank's suspension has prompted concerns about potential budget revisions and external pressures on the East African nation.
President Museveni, who has held office since 1986, issued a statement on Thursday, expressing his disappointment with the World Bank's decision. He asserted that Uganda would not be coerced into compromising its faith, culture, principles, or sovereignty by foreign institutions wielding financial leverage. Museveni noted that Uganda, if needed, could explore other borrowing avenues, including anticipated revenues from oil production set to commence by 2025.
While the World Bank's suspension primarily targets new funding, Uganda's government is taking this development seriously. The country's existing World Bank portfolio, totaling $5.2 billion, remains unaffected. However, concerns have arisen about potential budget revisions due to the funding suspension, prompting Uganda's government to seek parliamentary approval for a revised budget for the fiscal year from July 2023 to June 2024.
Human rights organizations have widely criticized Uganda's anti-LGBTQ law, which was approved in May and includes harsh penalties such as capital punishment for "aggravated homosexuality" and extended prison terms for "promoting" homosexuality. The law has drawn widespread condemnation and prompted actions by foreign governments, including visa restrictions imposed by the United States on certain Ugandan officials.
The World Bank, in its announcement of the funding suspension, emphasized its commitment to inclusivity and non-discrimination, stating that the law contradicts its values. The institution expressed the view that a planet free of poverty can only be achieved by including everyone, irrespective of race, gender, or sexuality. The World Bank's decision has prompted calls for a reconsideration of the law in Uganda.
As Uganda faces this critical juncture, the nation's determination to stand firm on its principles and search for alternative financial sources underscores the complex intersection of sovereignty, culture, and international aid. The outcome will not only impact Uganda's financial outlook but also contribute to broader discussions on human rights, international relations, and the role of institutions in shaping a more inclusive world. The anticipation of oil revenues and the hope for dialogue with the World Bank may shape Uganda's path forward in navigating this complex situation.
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