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World Bank Exit: Tough times as Govt moves to revise 2023/24 FY Budget

By Executive Editor

The Government has warned of tougher times ahead after the World Bank announced halting of new loan requests.

This morning, the Ministry of State for Finance, Henry Musasizi has informed Parliament that the government intends to revise the national budget, after the World Bank halted funding to Uganda following the passing into law the Anti-Homosexuality Act 2023 and emoluments of public servants could be affected.

“We took the firm decision & we agreed that we shall face the consequences. We shall be coming soon, I want to prepare your minds that very soon we are going to revise the budget & we shall be coming to you for support. Even the emoluments will be affected. We shall be coming here to ask for your approval on how we shall move forward in the current challenges,” Minister Musasizi.

His revelation comes after President Yoweri Museveni last night said Uganda will develop with or without loans.

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