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The World Bank and other actors, who vastly underestimate all Africans, are our problem. says Uganda’s president.

President Museveni said, “There are a number of non-Bretton Woods sources from which we can borrow if there is an absolute need for borrowing.”

Yoweri Museveni, the president of Uganda, has stated that if the nation needs to borrow money, non-Bretton Woods organizations are a possibility.

The aforementioned remark was made in response to the World Bank’s recent decision to stop supporting any projects in Uganda due to alleged abuses of human rights brought on by the recently passed anti-homosexuality law.

Additional money will be suspended, according to a Bank statement, until Ugandan authorities put in place necessary regulations to protect minority groups, particularly individuals who identify as LGBTQ+ (lesbian, gay, bisexual, transgender, and other related categories).

“The World Bank Group’s values are fundamentally at odds with Uganda’s Anti-Homosexuality Act. According to the Bank, “everyone must be included in our aim to eradicate poverty on a liveable planet, regardless of color, gender, or sexual orientation.

However, the President chastised the institution for pressuring his country to compromise its beliefs in the letter shared on his Twitter account and offered numerous other possible courses of action.

“It is regrettable that the World Bank and other players dare to attempt to use financial pressure to compel us to renounce our faith, culture, ideals, and sovereignty. They grossly underestimate everyone from Africa. Nobody needs to put any pressure on us; we already know how to address issues in our society. They are issues we have.

The New Development Bank of the BRICS economic bloc (Brazil, Russia, India, China, and South Africa), which has already been gaining notoriety among African states, is one of the impending choices for Uganda.

Egypt’s parliament approved its application to join the New Development Bank in March 2023 because members saw it as a way to lessen dependency on the US dollar.

The BRICS Development Bank, which now has its headquarters in Shanghai, China, was founded in 2014 with the aim of providing finance for infrastructure and sustainable development projects.

The bank is developing as an alternative development lender with the rise of BRICS and is prepared to spark that growth. According to recent financial data, BRICS has surpassed the G7, which currently contributes 30.7% of the global GDP, as the largest group of countries in terms of gross domestic product (GDP).

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