President Museveni has played down the significance of the World Bank’s loans and aid packages in the advancement of African nations.
He emphasizes that these resources can be easily dispensed with without adverse consequences.
In contrast, President Museveni highlighted that these loans and aid packages often lead to distortions and hindered growth, as evidenced across the African continent.
Click here to join our WhatsApp group and receive daily news
Many of these loans and aid packages, he pointed out, do not contribute value to the country or even act against growth.
These statements were made in a statement issued on Thursday in response to the suspension of World Bank loans to Uganda.
The World Bank recently halted lending to Uganda due to the passing of the new law, which contradicted the institution’s principles.
Explaining his viewpoint further, Museveni argued that loans and aid extended to African countries frequently fail to serve their intended purposes, contributing to the ongoing crises in security and stability observed in various African nations.
He highlighted instances where borrowed funds were misused, citing an example from the Ministry of Agriculture, Animal Industry, and Fisheries.
Despite borrowing $800 million over a decade, the ministry failed to invest in critical infrastructure and equipment necessary for social and economic transformation.
Museveni asserted that most of the borrowing undertaken has not led to Uganda’s positive transformation and has instead subjected the country to unfair policies that hinder growth.
He mentioned a specific case where aid conditions prevented the purchase of locally produced drugs for HIV/AIDS patients.
The President further noted that Uganda has managed to finance some development initiatives using its own resources, indicating that external actors like the World Bank have limited capacity to impede the nation’s progress.
He attributed any delays to internal weaknesses, which he is determined to overcome.
Also Read: President Museveni to start approval of loans to limit debt
