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World Bank stops lending to Uganda over anti-LGBTQ laws

Published

1 year ago

August 10, 2023

Multilateral lender, the World Bank has vowed to stop lending to East African country, Uganda over the country’s legal stand against the LGBTQ community.

The bank said in a statement on Tuesday that “no new public financing for Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested.”

“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values. We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality,” the bank said.

“We remain committed to helping all Ugandans, without exception, escape poverty, access vital services, and improve their lives.”

In May, the Ugandan legislature completed the passage of a law against lesbian, gay, bisexual, transgender or queer persons. The legislation included some of the strict measures passed in March, which were widely criticized by the international community, including the United States, the European Union, the United Nations, and big businesses.

There are concerns that some provisions of the law criminalize all support for the rights of the LGBTQ, as it maintains the death penalty for so-called aggravated homosexuality and a 20-year sentence for “promoting” homosexuality.

Meanwhile, Uganda’s state minister for foreign affairs, Okello Oryem has accused the bank of hypocrisy and double standards on the grounds that it lends to countries in the Middle East and Asia with similar stands on homosexuality.

“There are many Middle Eastern countries that do not tolerate homosexuals, they actually hang and execute homosexuals. In the United States of America, many states have passed laws that are either against or restrict homosexual activities, so why pick on Uganda?” he said.

The International Finance Corporation and the Multilateral Investment Guarantee Agency (MIGA) would only support private sector projects “on a selective basis,” the bank noted in a separate memo to staff.

Only seven African nations, including Angola, Botswana, Cape Verde, Mauritius, Mozambique, Seychelles, and South Africa have anti-LGBT discrimination laws in place. The majority of the others have clear and harsh legislations against homosexuality.

Related Topics:Featured LGBTQ Uganda World Bank

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”