Museveni reassures Uganda: 'Oil is coming, don't fret about World Bank'

The World Bank announced on Tuesday it would pause project financing pending a review of measures it introduced to protect sexual and gender minorities from discrimination and exclusion in its projects.

“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values,” the lender said in a statement.

“We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality. This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world.”

President Yoweri Museveni last night reacted to the decision, calling out the Bank for “underestimating Africans.”

Museveni in a statement, allayed the emerging concerns about the fate of World Bank-funded projects, noting that with more frugality and oil money on the horizon, the country will not be affected.

“I want to inform everybody starting with Ugandans, that Uganda will develop with or without loans,” said the president.

“As a matter of fact, many of the loans in the past were being carelessly entered into by officials behind my back where they were completely unnecessary,” he said.

“That is why some years ago, I put my foot down and forbade agreeing to any loan before my approval. Hence we are now borrowing less and cautiously. Yet our economy is growing, other global challenges such as the war in Europe, Corona, etc notwithstanding.

Uganda, President Museveni said, will be looking toward other alternative sources, if a serious need for borrowing arises.

“If there is an absolute need for borrowing, there are a number of non-Bretton Woods sources from where we can borrow,” he said.

“Moreover, our first oil will start flowing by 2025; that will be an additional source of state revenues and also financial flows 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.”

Museveni further reassured that the economy itself is becoming self-sustaining through agriculture, industries, and the burgeoning services sector.

“That is why inflation is now 3,9% one of the lowest in the world.”

“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 Africans.”

In its statement on Tuesday, the World Bank said it remained committed to providing assistance to Uganda despite its pause on financing.