During the closure of the 19th summit of the Non-Aligned Movement (NAM) at Munyonyo Commonwealth Resort Hotel, President Yoweri Museveni urged the World Bank and the International Monetary Fund (IMF) to acknowledge their faults and seek repentance before it becomes too late.
President Museveni emphasized the possibility of forgiveness, stating, “If the Bretton Woods Institutions (World Bank and IMF) can confess their sins and repent, we can forgive them, and they have a chance because we are Christians and Christians believe in repentance and forgiveness.” The President made these remarks in response to concerns about financing raised by UN Secretary-General António Guterres during the summit.
Addressing the issue of affordable financing, President Museveni noted the importance of exploring new ways to secure funds. He highlighted ongoing discussions with the BRICS countries (Brazil, Russia, India, China, and South Africa) as a potential source of alternative financing. These countries, often viewed as a counterweight to the Western-led world, could offer solutions to Uganda’s financial needs.
President Museveni emphasized that Uganda possesses abundant resources, including an educated population and newfound petroleum reserves. While acknowledging the need for market support from African nations, he expressed confidence in exploring various financing options, including engaging institutions like the National Social Security Fund of Uganda.
The Bretton Woods Institutions, comprising the World Bank and IMF, currently serve as significant sources of grants and concessional loans for Uganda. However, the World Bank suspended new loans to Uganda in August 2023 due to concerns about a new anti-gay law, which mandates life imprisonment for individuals convicted of homosexuality. The World Bank stated its commitment to assisting all Ugandans without exception in escaping poverty and improving their lives.
