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President Yoweri Museveni has criticised the World Bank’s decision to suspend new funding to Uganda in response to a harsh anti-LGBTQ law and has promised to find alternative sources of credit.
Museveni, who has been in office since 1986, said in a statement on Thursday that Uganda was trying to reduce borrowing and would not give in to pressure from foreign institutions.
“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 underestimate all Africans,” he said.
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.
He said he hoped the World Bank would reconsider its decision, which could force the country to revise its budget.
Human rights organisations have widely condemned the anti-LGBTQ law approved in.May, which imposes capital punishment for “aggravated homosexuality”, an offence that includes transmitting HIV through gay sex, and 20 years in prison for “promoting” homosexuality.