Uganda and World Bank Engage in Negotiations Over Funding Suspension

Signage of the World Bank. PHOTO/POOL

Kampala, Uganda | THE BLACK EXAMINER | Henry Musasizi, the State Minister for Finance, has stated that the Government is in intense negotiations with the World Bank to maintain their borrower-lender relationship. This comes in response to the recent decision by the World Bank to suspend funding to Uganda due to the passage of the Anti-Homosexuality Act.

The World Bank had announced earlier this year that their funding to Uganda would be halted due to human rights violations but expressed openness to negotiations.

Musasizi reassured Ugandans, urging them not to be concerned about losing the lender, as he believes that the negotiations will yield positive results. He mentioned, “We have continuously provided all the information and addressed all the issues that they keep raising, and we are optimistic that we shall reach a position between us and the World Bank which is very positive, so there shouldn’t be any reason to worry about the decision the World Bank took.”

Meanwhile, when the decision to halt funds was initially announced, Uganda had taken the position that it could sustain itself even without the World Bank’s support. This led to emergency meetings and certain decisions, including budget cuts, influenced by the Ministry of Finance. The President of Uganda had also reassured the nation, stating that the country was financially self-sufficient.

The recent update during a parliamentary sitting has prompted responses from various individuals. Julius Turyasingura questioned the earlier claims that the country could survive without World Bank loans, while Trent M recalled statements made by Museveni’s ministers and the passing of the Anti-Homosexuality law.

It’s worth noting that the original text is not entirely clear in some parts, so the rewritten version aims to capture the key points while maintaining clarity.

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Busiinge Aggrey
Busiinge Aggrey
Business Aggrey" is a 23-year-old Ugandan journalist and Editor-in-Chief at The Black Examiner newspaper