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The Deputy Speaker, Hon.Thomas Tayebwa, who chaired the house,in his addressurged Ugandans not to panic over the decision by the World Bank to stop funding projects in Uganda after the passing into law of the Anti-Homosexuality Act 2023 during parliamentary plenary sitting after a two-week break.

Hon. Thomas Tayebwa, Deputy Speaker advised Ugandans not to panic over the international bank’s decision to suspend supporting projects there following the passage of the Anti-Homosexuality Act 2023, which came into effect yesterday, August 15, 2023, after a two-week break in session.

Tayebwa who chaired the House on Tuesday afternoon said the country will not shut down because of the recent World Bank position adding that Uganda is very prepared and strong about a decision made by its Parliament.

He said Uganda will not shut down because of such threats.

“I don’t know why you are panicking as if the country is going to shut down; we made a decision here, and when we were making that decision, we knew it would have repercussions, and we are prepared and strong about the decision we made as a house. The moment we show any signs of weakness and panic, it means we don’t know what we were doing; we knew threats would come; please be calm,” Tayebwa is quoted by Parliament Watch as having said.

Tayebwa said that the Ministry of Finance or the Executive will give an update to Parliament on whether they intend to do anything in line with reviewing the budget.

Last week, the World Bank announced a decision to halt approval of any new loans under the Anti-Homosexuality Act, 2023. Funding worth trillions is expected to be affected.

“We knew threats would come but let us be calm. I saw a communication from the President; he said they are engaging with the World Bank and therefore, there’s no need for panic,” he said, asking the Executive to manage foreign relations including discussing with the World Bank. 

“Please, executive, do your work, manage your foreign relations, discuss with the World Bank and should you need us, we shall come in and play our role,” he added.

State Minister for Finance Henry Musasizi said the Ministry communicated to the Speaker’s office that it will have an engagement with the Committees on Finance, Budget, and National Economy.

Speaking at the sixth Annual Bankers Conference, Dr. Michael Atingi-Ego, the Deputy Governor, says the Bank has proved its ability through its measures that have managed to keep inflation rates at manageable levels and to strengthen the Uganda shilling against the US dollar “save for last week’s events”.