Uganda’s relationship with World Bank now fully restored – PS Goobi

The Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, has reassured Ambassadors attending their annual conference in Gulu City that Uganda enjoys a healthy and fully restored relationship with both the International Monetary Fund (IMF) and the World Bank.

Ggoobi on Tuesday, September 2, 2025, revealed that Uganda is in the process of negotiating a new Extended Credit Facility (ECF) Program with the IMF, which is expected to be presented to the IMF Board after the general elections in early 2026.

“Our relationship with the World Bank is now fully restored. We have presented new projects to the Board, and the Bank has allocated more concessional financing for a number of transformative projects,” he said.

In 2023, Uganda ignited global outrage by enacting a draconian Anti-Homosexuality Actthat imposedlife imprisonmentfor same-sex intercourse and, in some cases, even allowed for the death penalty for “aggravated homosexuality.” Human rights groups and many Western governments condemned the law as a serious violation of basic human rights

In response, the World Bank suspended all new public financing to Uganda, citing that the law “fundamentally contradicts the World Bank Group’s values” of inclusion and non-discrimination. A World Bank team reviewed Uganda’s portfolio and demanded additional mitigation measures, such as third-party monitoring and grievance mechanisms, before any new projects could be presented to its Board for approval

The PSST urged Uganda’s diplomatic missions to focus their economic diplomacy on three key deliverables: attracting foreign direct investments and diaspora remittances, securing new export markets, and promoting Uganda as a tourism destination.

“Tell everyone who cares to listen that apart from the gifts of nature, Uganda offers peace, easy taxes, and a tolerable administration of justice,” Ggoobi said, adding that Uganda remains one of the best destinations for investment.

He noted that Uganda offers an average 14% return on investment and a 30% average return on equity for listed companies, underpinned by a stable, well-managed macroeconomy.

“Government is pro-private sector. We provide generous incentives and the legal and regulatory frameworks have been strengthened,” he said, citing recent amendments to the Company Act to enhance corporate governance.

Ggoobi also highlighted Uganda’s strategic access to regional markets under EAC, COMESA and AfCFTA, representing a combined population of one billion people and a GDP of about USD 3 trillion.

Strong growth prospects

On the broader economy, Ggoobi said Uganda is becoming “more complex than expected for its income level.” He referenced projections from Harvard University’s Growth Lab, which forecast Uganda’s economy to grow faster than any of the 145 countries it tracks during the decade to 2035.

Economic and Commercial Diplomacy Strategy launched

Later, alongside the Minister of State for Foreign Affairs (International Relations) Okello Oryem, PS-Foreign Affairs Vincent Bagiire, and Ambassadors, the PSST officially launched the Economic and Commercial Diplomacy (ECD) Strategy.

The ECD Strategy provides a blueprint for Uganda’s external engagements—aimed at expanding market access for Ugandan goods and services, attracting transformative investment in priority sectors, and building international partnerships for sustainable development.

Ambassador Charles Ssentongo thanked the Ministry of Finance, Planning and Economic Development for empowering missions to align with the Tenfold Growth Strategy, which seeks to accelerate Uganda’s economic transformation.