“Uganda can sustain its economy without World Bank loans,” says NEED boss Basajja

Uganda can sustain its economy without World Bank’s loans, this is according to the National Economic Empowerment Dialogue (NEED) National Treasurer, Mr. Charles Basajja.

Mr. Basajja’s statement follows World Bank’s recent decision to halt new loans to Uganda over the Anti-Homosexuality law that was signed by President Yoweri Museveni.

Mr. Basajja said that 4.4 billion USD from the World Bank every year meant for Uganda has been useful in facilitating various government activities, however, if it’s predicated on having to live with homosexuality, the country doesn’t NEED it.

“We have undeclared income from natural mineral exports like Gold, Copper, Iron Ore, Uranium and others to the tune of Uganda shillings 23 Trillion every year. Also, there are other areas where we lose more than  Shillings 11 Trillion in corruption, if only government can reduce corruption by 30%, cut classified expenditure by half and reasonably account for our mineral revenue, there is no reason whatsoever why Ugandans must be worried about homosexuality funds,” Mr. Basajja said during a press conference today.

“Let this income be registered in the national coffers in order to fill up the deficit as a result of the facility which is not going to be realized from the World Bank,” he added.

Mr. Basajja also mentioned that there are other sources where government can realize more revenue.

“For example; Uganda shs20 Trillion from UN utilised loans attracting shs392 billion in commitment fees, shs7 Trillion allocated for the State House budget can be revised to cut out extravagances, several top Government officials can consider salary and amenities cuts, especially authority afficials who earn exorbitant salaries. Such authorities include but not limited to; URA KCCA, UNRA,” he said.

“Furthermore, government must reflect income from the services UPDF is offering outside Uganda, i.e Congo, Somalia, Central African Republic and South Sudan, such revenue can comfortably facilitate the various govt activities being affected by the World Bank’s withdrawal of support. And we don’t agree with the government’s move to cut public servants’ salaries who are already meagerly paid.”