Uganda’s Shilling Plunges After Funding Cut Over Anti-LGBTQ Laws
- Shilling posts biggest loss across currencies worldwide
- Officials say they can seek alternative funding sources
Yoweri Museveni
Photographer: Guillem Sartorio/BloombergThis article is for subscribers only.
Uganda’s shilling headed for the biggest drop in almost eight years as officials said they would need to revise the budget after the World Bank halted new funding to the country for its passage of anti-LGBTQ legislation.
The shilling dropped 1.76% to 3,729.35 per dollar as of 12:40 p.m. in London, heading for the biggest one-day decline since Dec. 2015 and a fifth day of losses. Uganda will revise its 2023-2024 budget to take into account less financing after the World Bank blocked new lending, NTV Uganda reported, citing Ministry of State for Finance Henry Musasizi.