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President Museveni has pledged that the country will continue to develop regardless of loans, with an emphasis on responsible borrowing, upcoming oil revenues, and economic growth.

President Yoweri Kaguta Museveni has promised 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 on 9^th August 2023

Following the World Bank’s decision to stop making fresh loans to Uganda due to the country’s newly passed anti-homosexuality law, President Museveni made the above statement.

H.E. Museveni noted that despite other global issues like the war in Europe, the hurricane, etc., Uganda is currently borrowing less and cautiously while her economy is flourishing as a result of the foot, he put down a few years ago and barred committing to any loan without his approval.

He continued by saying that the country can borrow money from a variety of non-Bretton Woods sources if it is necessary.

“Moreover, our first oil will start flowing by 2025. That will be an additional source of State revenues and 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 denounced the World Bank and other parties for daring to use financial pressure to force Uganda to renounce its beliefs, culture, and sovereignty.

“They significantly undervalue all Africans. I have patiently explained to some of the performers that this law does not specifically target homosexuality. The law targets gay behavior that progresses to enlisting or pressuring others into your deviation, the president continued.

“If there are any remaining inconsistencies in the law, we will identify them and deal with them ourselves, just as we fought Idi Amin and the other tyrants and showed support to our brothers and sisters in Southern Africa who were fighting colonialism and Apartheid,” the statement reads.

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.”