The Ugandan government’s efforts to resume aid from the World Bank are showing positive results, as State Minister for Finance Henry Musasizi highlighted ongoing negotiations aimed at fulfilling the benchmarks set by the international financial institution.
The suspension of aid by the World Bank, a crucial source of financial support for Uganda, came in response to the enactment of the Anti-Homosexuality Act in 2023. Since then, the Ugandan government has been diligently working to address the concerns raised by the World Bank and regain access to this vital financial assistance.
Minister Musasizi expressed optimism about the progress made during these negotiations. He emphasized the commitment of the Ugandan government to meet the benchmarks and provide the necessary information to allay the World Bank’s concerns.
The suspension of aid has had significant implications for various sectors in Uganda, and resuming support from the World Bank is critical for ongoing development projects and addressing economic challenges.
In addition to the aid suspension, concerns have also been raised by Members of Parliament regarding inconsistencies in Uganda’s external debt figures. These concerns have particularly focused on the figures related to external debt within a specific period. Clarifying and addressing these issues will be essential for a more comprehensive understanding of Uganda’s financial situation.
Negotiations with the World Bank are ongoing, and the Ugandan government remains committed to resolving the outstanding issues, resuming aid, and securing the necessary financial support to bolster its economic growth and development efforts.