The National Economic Empowerment Dialogue (NEED) has offered its support to President Museveni's decision that Uganda should not rely on World Bank loans for development.
This comes after the Bank announced its withdrawal of funding for key developmental projects in the country due to the recent passing of the Anti-Homosexuality Act, 2023 by Parliament.
In a statement, the Washington, DC-based lender explained that it would temporarily suspend project financing until it had reviewed measures to protect sexual and gender minorities.
During a media briefing at the party's head offices in Rubaga, Charles Bassajja, the party's national treasurer, emphasized that Uganda can sustain itself without World Bank loans since their impact is scarcely felt by local communities.
Bassajja acknowledged that the $4.4 billion received from the World Bank annually has facilitated various government activities.
However, if this funding is contingent on accepting homosexuality, then there is no need for the country to depend on it.
"We generate substantial income from natural mineral exports like Gold, Copper, Iron Ore, Uranium, and others, amounting to Uganda shillings 23 Trillion every year. Additionally, corruption causes us to lose more than 11 Trillion, and with reductions in corruption, classified expenditure, and proper accounting of mineral revenue, there is no reason why Ugandans should worry about funds tied to homosexuality," he suggested.
Bassajja proposed that this income be channeled into national coffers to offset the deficit resulting from the funds no longer available from the World Bank.
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He emphasised that by addressing corruption and reducing spending on unnecessary luxuries, substantial funds can be saved to support national development.
Furthermore, Basajja highlighted that Uganda possesses various natural resources that can generate both domestic and external revenue for social and economic development.
According to statistics, GDP from mining in Uganda has averaged Shs281.21 billion from 2008 until 2023, reaching a record high of Shs713.66 billion in the fourth quarter of 2021 and a record low of Shs65.69 billion in the fourth quarter of 2011.
Basajja also emphasized the need for the government to consider the income generated through services provided by the UPDF in countries such as Congo, Somalia, Central African Republic, and South Sudan.
Such revenue can effectively support the government activities affected by the World Bank's withdrawal of support.
"In conclusion, we do not require the World Bank's financial support, particularly after discovering the conditions attached to it regarding homosexuality. Secondly, we disagree with the government's decision to reduce the salaries of public servants who are already inadequately compensated," noted Basajja.
