President Yoweri Museveni (pictured) has said that the country’s private sector in farming and manufacturing are the ones developing and transforming Uganda.
This he said is in spite of the inconsistencies by the “corrupt officials.”
“That is why inflation is now 3.9%, one of the lowest in the world,” the President said in a statement last night.
The President was responding to the decision by the World Bank to halt any loan requests from Uganda over Anti-Homosexuality Act, 2023.
The President said: “Things are moving well in Uganda in spite of the corruption of some Public Servants and some elements of the political class.”
He said that Uganda will develop with or without loans.
“Many of the loans in the past were being carelessly entered into by officials behind my back when they were completely unnecessary. That is why some years ago I put down my foot and forbade agreeing to any loan before my approval. Hence, we are now borrowing less and cautiously. Yet, our economy is growing, other global challenges such as there were in Europe, corona, etc, notwithstanding. If there is absolute need for borrowing, there are a number of non-Bretton sources from which we can borrow,” he said, adding that “Our first oil will start flowing by 2025.”
“That will be an additional source of state revenues and also financial flows into the economy.”
According to the President, “With discipline, patriotism and combating corruption, we shall thrive because our agriculture is there, our industries are growing and our services sector is expanding.”
He, however, said that “We are continuing to talk with the World Bank so that both they and we avoid this diversion if possible.”
