Ugandan President Yoweri Museveni voiced strong opposition to the World Bank’s decision to suspend new financing to the country due to the enactment of an anti-homosexuality law. The president decried the move as “unfortunate,” expressing his concerns about external actors attempting to interfere with the country’s faith, culture, principles, and sovereignty through financial means.
Museveni’s statement, issued on Thursday, emphasized his government’s determination to uphold its values and national identity, even in the face of financial pressure. “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,” stated the president.
The World Bank had announced its suspension of new financing for Uganda on Wednesday, citing the recently-enacted anti-homosexuality law as the reason for its decision. The law has attracted international attention and criticism for its strict measures against homosexual acts.
President Museveni remained steadfast, asserting that Uganda would continue its development journey regardless of the bank’s financing suspension. He pointed out the availability of alternative funding sources beyond the Bretton Woods institutions. “If there is an absolute need for borrowing, there are a number of non-Bretton Woods sources from where we can borrow,” he asserted.
Museveni also highlighted instances where loans were initiated by government officials without his approval, leading to unnecessary financial burdens. He maintained that prudent financial management, along with the upcoming commencement of commercial oil production in 2025, would provide additional revenue streams for the nation.
“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 concluded.
As a West African security expert, this situation sheds light on the complex intersection of national identity, cultural values, and international financial pressures. The president’s response underscores his commitment to safeguarding Uganda’s sovereignty while seeking alternative avenues for sustainable economic growth.
