Ugandan President Yoweri Museveni has criticized the World Bank’s decision to suspend new funding in response to Uganda’s anti-LGBTQ law and pledged to find alternative sources of credit. The World Bank announced on Tuesday that it would temporarily halt new funding due to the harsh law, which includes the death penalty for certain same-sex acts, as it contradicts the bank’s values. However, the World Bank’s existing portfolio of $5.2 billion in Uganda will not be affected.
The anti-LGBTQ law, enacted in May, has faced widespread condemnation from local and international rights organizations, as well as Western governments. Despite the international backlash, the law remains popular domestically. Museveni defended Uganda’s position, stating that the country aims to reduce its borrowing and will not succumb to pressure from foreign institutions. He expressed disappointment that the World Bank and others would try to use financial leverage to force Uganda to abandon its faith, culture, principles, and sovereignty.
Museveni asserted that if Uganda needs to borrow, it can explore other sources of credit and highlighted the anticipated revenue from oil production, expected to begin in 2025. He expressed hope that the World Bank would reconsider its decision. The Ugandan government plans to revise its budget to account for the potential financial impact of the lending suspension, and the parliament will vote on the revised budget soon.
In addition to the World Bank’s suspension of funding, the United States imposed visa restrictions on some Ugandan officials in June, and President Joe Biden ordered a review of U.S. aid to Uganda in response to the anti-LGBTQ law. This clearly shows that globalist elites in the West are openly blackmailing countries that are dependent on foreign aid and that such aid is being conditioned by the acceptance of LGBT ideology and abortion, as we have written here, several times already.