President Yoweri Museveni has told world leaders that there is a need to get rid of the exploitative phenomena of commercial lending to achieve global affluence.
This was contained in the President’s message at the ongoing United Nations General Assembly high-level thematic debate on sustainability and socio-economic equality for all debate at the UN headquarters in New York.
The Prime Minister of Uganda Rt. Hon. Nabbanja Robinah delivered the president’s message at the forum. She was flanked by Uganda’s permanent representative to the United Nations Ambassador Adonia Ayebare.
The president says that commercial lending should be for goods of frivolity such as spirits, perfumes, etc.
Museveni says, however, that for infrastructure, manufacturing, and for some of the services such as tourism. the borrowing must be concessional-low interest and take long to be paid back.
The president says that the pseudo-economists and parasites favor the shameful narrow-based growth of the world economy.
“In Uganda, we are always working for broad-based social economic transformation involving all the stakeholders of the economy.” The President reiterated.
Uganda’s permanent representative to the United Nations in New York Ambassador Adonia Ayebare reiterated Uganda’s commitment as the chair of the G77+China and the Non-Aligned Movement (NAM) to cooperate with the United Nations in achieving the set targets of the Sustainable Development Goals (SDGs).
Ayebare says that the G77+China calls for urgent action on debt sustainability for development and calls for reforms in financial architecture.
The president of the United Nations General Assembly Dennis Francis says that there must be a paradigm shift from rhetoric to action if sustainable development goals are to be achieved.
He adds that Achieving debt sustainability and socio-economic equity necessitates a well-coordinated multilateral effort to reshape and reform the international financial architecture – especially the International Financial Institutions so that they can better support and facilitate sustainable development in the world.
The week-long high-level thematic debate offers an opportunity to identify the challenges in the pursuit of debt sustainability and shine a spotlight on the implications of the current debt crisis on developing nations with a view of accelerating national and international action to achieve socio-economic equality for all.
