Uganda: Shilling Depreciates as World Bank Halts Funding

The Ugandan shilling has suffered 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