President Yoweri Museveni of Uganda has called on world leaders to eliminate exploitative commercial lending to developing countries in order to achieve global prosperity.
His message was delivered during the ongoing United Nations General Assembly’s high-level thematic debate on sustainability and socio-economic equality for all at the UN headquarters in New York.
The Prime Minister of Uganda, Rt. Hon. Nabbanja Robinah, conveyed Museveni’s message at the forum, accompanied by Uganda’s permanent representative to the United Nations, Ambassador Adonia Ayebare.
Museveni emphasized that commercial lending should be reserved for luxury goods such as spirits and perfumes, while financing for infrastructure, manufacturing, and key services like tourism should be provided on concessional terms, with low interest rates and extended repayment periods.
He criticized pseudo-economists and parasites who support the narrow-based growth of the world economy, advocating instead for broad-based socioeconomic transformation in Uganda that includes all economic stakeholders.
Ambassador Ayebare reaffirmed Uganda’s commitment as chair of the G77+China and the Non-Aligned Movement (NAM) to work with the United Nations in achieving the Sustainable Development Goals (SDGs).
He emphasized the urgent need for debt sustainability in developing countries and called for reforms in the global financial system.
United Nations General Assembly President Dennis Francis highlighted the need for a shift from rhetoric to action in achieving sustainable development goals. He emphasized the importance of coordinated multilateral efforts to reform international financial institutions so they can better support sustainable development worldwide.
The week-long high-level thematic debate provides a platform to address the challenges of debt sustainability and the impact of the current debt crisis on developing nations, aiming to accelerate national and international action toward socio-economic equality for all.
