The National Economic Empowerment Dialogue (NEED) has supported President Museveni’s decision that Uganda doesn’t need to rely on World Bank loans for development.
This is after the Bank announced its move to withdraw funding to key developmental projects in the country due to the Anti-Homosexuality Act, 2023 that was recently passed by Parliament.
Speaking to the media at the party’s head offices in Rubaga on Monday, the party’s national treasurer, Mr. Charles Bassajja noted that Uganda can sustain itself without the World Bank loans since their impact is hardly felt by the local people.
He said if government tackles corruption and reduces its spending on luxuries, a lot of money can be saved to cater for national development.
Basajja added that Uganda has a variety of natural resources where government can get a lot of both domestic and external revenue which can be used to foster social and economic development.
According to statistics, GDP from mining in Uganda averaged Shs281.21 billion from 2008 until 2023, reaching an all-time 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.