Govt to revise 2023/2024 budget after World Bank’s suspension of new loans

By Francis Lubega

10^th Aug 2023

The Government is to revise the recently passed National Budget for this financial year 2023/24 after the World Bank halted new loans to Uganda due to the new anti-gay law that contradicts its core values.

This has been revealed by the Ministry of State for Finance, Henry Musasizi while appearing before the parliamentary Finance committee saying the act by World Bank will affect the emoluments of MPs and public servants to enable operationalization and implementation of projects.

The World Bank joined the US in imposing sanctions against Uganda over the Anti-Homosexuality law.

The Minister’s remarks were in response to a communication made by the Rwampara County MP Amos Kankunda who also doubles as the Chairperson Parliament’s Finance Committee after expressing concern over the decision by the World Bank, saying that Parliament doesn’t regret the decision it took to pass the Anti-Homosexuality Act 2023.

He also promised on behalf of the Committee to offer leadership support to Uganda to survive the financing ban imposed by the World Bank.

The Minister however didn’t elaborate on what the revision of the UGX52.7 trillion national budgets will entail saying this will be done in a week’s time after Parliament returns from recess.

In May 2023, the Government revised the 2023/2024 financial year budget to Shs52 trillion from Shs51 trillion due to requests by accounting officers in line with Regulation 12 of the Public Finance Management Act (PFMA).