Uganda’s Finance Ministry announced a drastic reduction in international budget support for the next fiscal year, expecting only 28 bln shillings, compared to 2.78 tln shillings in the previous year. The World Bank, previously Uganda’s largest budget supporter, has suspended all funding due to the country’s anti-LGBTQ laws, causing the Ugandan shilling to experience its biggest decline in nearly eight years. Alongside the loss of international support, Uganda expects a 26% increase in interest payments and a 22% rise in external debt repayments in FY24.