The Ugandan President, Yoweri Museveni, has said the country has the option of non-Bretton Woods institutions if it has to borrow loans.
“If there is absolute need for borrowing, there are a number of non-Bretton woods sources from which we can borrow,” said President Museveni.
"I want to inform everybody, starting with Ugandans, that Uganda will develop with or without loans."
– Yoweri Museveni, President of Uganda 🇺🇬 pic.twitter.com/Lday23qPwa
— BitKE (@BitcoinKE) August 12, 2023
The above comment comes in response to the recent move by the World Bank to suspend any future funding for projects in Uganda citing human rights violations from the recent enactment of the anti-homosexuality law.
According to a statement from the Bank, additional funding will be put on hold until authorities in Uganda establish sufficient policies aimed at safeguarding minority groups, including those identified as LGBTQ+ (lesbian, gay, bisexual, transgender, and other related categories).
“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values. We believe our vision to eradicate poverty on a liveable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality,” the Bank said.
However, in the letter published on his Twitter account, the President blamed the institution for coercing his country to abandon its principles, pointing out several alternatives for recourse.
“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 under-estimate all Africans. We do not need pressure from anybody to know how to solve problems in our society. They are our problems.”
Ugandans, especially the Bazzukulu.
Greetings. Things are moving well in Uganda in spite of the corruption of some Public Servants and some elements of the political class.Last night, an official from the World Bank rang me to alert me about the statement from that Bank… pic.twitter.com/vCJMUcD7CZ
— Yoweri K Museveni (@KagutaMuseveni) August 9, 2023
One of the looming alternatives for Uganda is the New Development Bank by the BRICS economic bloc (Brazil, Russia, India, China, South Africa) which has already been gaining prominence among African nations.
In March 2023, Egypt’s Parliament gave the green light for the country to join the New Development Bank with lawmakers viewing it as a means of reducing reliance on the U.S dollar.
Headquartered in Shanghai, China, the bank was established in 2014, originally as BRICS Development Bank, with the goal of providing financing for infrastructure and sustainable development projects.
With the growth of BRICS, the bank is emerging as an alternative development lender, poised to galvanize the expansion of BRICS. According to recent financial reports, BRICS is already the world’s largest gross domestic product (GDP) bloc in the world, currently contributing 31.5% to the global GDP, ahead of the G7, which contributes 30.7%.
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