The minister of State for Finance Henry Musasizi has informed Parliament that government intends to revise the national budget.
The decision according to Musasizi came as a result of World Bank suspending funding to Uganda because of the enactment of the Anti-Homosexuality Act passed recently.
The purpose if revising the budget is to mitigate impending effects on the public servants.
“We took the firm decision & we agreed that we shall face the consequences. We shall be coming soon; I want to prepare your minds that very soon we are going to revise the budget downwards & we shall be coming to you for support. Even the emoluments are going to be affected given the preliminary we are seeing. We shall be coming in one week or so, to tell you the consequences and ask for your approval on how we shall move forward in the current challenges,” said Musasizi
Following a press statement from the World Bank announcing withdrawal of its support to Uganda because of its contradicting values through the Anti-Homosexuality Act, several responses have come across including that of the President claiming that Uganda can build its own means of sustenance.
Amos Kakunda, Chairperson Finance Committee revealed to parliament that much as the withdrawal of World Bank will have effects, the parliamentarians will not regret their decision to pass the Anti-Homosexuality Act 2023.
Kakunda mentioned that the committee will offer leadership to the nation on how to survive under the financing ban by World Bank.
Uganda’s financial budget 2023/2024 is to a tune of 52 trillion shillings. The World Bank has been a huge boost to the country’s financing through grants and loans to tunes of Trillions. Uganda largely operates on a deficit budget.
BY S KWAGALA.