HomeBUSINESSWe are in talks with the World Bank to Reconsider its decision-says...

We are in talks with the World Bank to Reconsider its decision-says Minister of Finance Musasizi

By Muhumuza Jimmy 

Parliament 

The state minister of finance Henry Musasizi says that the Greater Kampala Metropolitan Area Urban Development program will be among those projects that will be affected by the world bank’s decision to halt funding to Uganda.

This comes after the minister had earlier informed the committee that they are looking at revising the budget downwards for this financial year after the world bank decision.

 Musasizi has informed the committee that the president before assenting to the anti homo sexuality act 2023 informed them that the country is likely to be affected if they pass the law and they all accepted to deal with the consequences.

He says that even though they are still negotiating with the World Bank, he says that should the negotiations fail, all the projects that were going to be financed in the budget by the world bank will be affected and they will have to review the budget.

Musasizi says that at the moment they are still gathering ideas on how this will be handled.

In the month of May, the government tabled a loan request of 608.66 million dollars from the world bank and Agence Francaise de Development (ADB) to finance the Greater Kampala Metropolitan Area Urban Development Programme.

The loan was expected to improve road infrastructure within Kampala, Wakiso, Mukono, and Mpigi, including the municipalities of Entebbe, Kira, Makindye-Ssabagabo, Nansana, and Mukono.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments