Uganda government to fund its budget from local pension

The World bank suspended funding last month in the wake of Kampala’s decision to pass a new anti-homosexual law deemed by the West as a violation of rights of minorities. Last week, the National Planning Authority, technical officials at the Ministry of Finance, Parliament’s Committee on National Economy, Budget Committee and Finance Committee held a retreat over the economy. Uganda is turning to local pension funds as a survival measure following external freezing of funding from the World Bank, the government also took commercial loans from domestic and foreign lenders at unfavourable terms to fund key priorities and splurge on luxuries for government executives. “The Secretary to the Treasury said that should concessional loans fail; we should look at other sources. Will Uganda survive on local borrowing only ?