NEWS- President Yoweri Kaguta 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 Museveni 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 where she was flanked by Uganda’s permanent representative to the United Nations Ambassador Adonia Ayebare where she disclosed that President believes that commercial lending should be for goods of frivolity such as spirits and perfumes.
President Museveni said however, for infrastructure, manufacturing and for some of the services such as tourism, the borrowing must be concessional-low interest and taking long to be paid back and said that the pseudo-economists and parasites that favour the shameful narrow-based growth of the world economy.
“In Uganda we are always work for broad-based social economic transformation involving all the stakeholders of the economy.” President Museveni 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 made it categorically clear that the G77+China calls for urgent action on debt sustainability for development and calls for reforms in financial architecture.
While speaking at the same event, the President of the United Nations General Assembly Dennis Francis said that there must be a paradigm shift from rhetoric to action if sustainable development goals are to be achieved.
He also reiterated that achieving debt sustainability and socio–economic equity necessitates require 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 on 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.
