Deputy Speaker Tayebwa Appeals for Calm Amid World Bank Loan Suspension

Deputy Speaker of Parliament Thomas Tayebwa . PHOTO/COURTESY

The Deputy Speaker of Parliament Thomas Tayebwa has asked Members of Parliament to calm down as the Government finds a solution to the World Bank’s suspension of its loans to Uganda.

This arose after the Otuke County MP, Paul Omara asked the Government to explain to Parliament how Uganda is prepared to handle the matter that has caused panic among Ugandans.

The World Bank weeks ago announced the suspension of loans to Uganda in protest of the Anti-Homosexuality Act-2023 which it claims is against its values.

In response, the State Minister for Finance, Henry Musasizi noted that the Ministry is planning to meet Committees of Parliament on September 1st, 2023 to forge a way forward on the matter.

President Yoweri Museveni recently criticized the World Bank’s decision to suspend new funding to Uganda in response to a harsh anti-LGBTQ law and promised to find alternative sources of credit.

Museveni said that if Uganda needs to borrow, it could tap other sources and oil production expected to start by 2025 would provide additional revenues.

The World Bank has an existing portfolio of $5.2bn in Uganda, and these projects will not be affected.

The government will ask parliament to vote on a revised budget for July 2023 to June 2024 to reflect the potential financial impact of the lending suspension, junior finance minister Henry Musasizi told parliament on Thursday.

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