President Yoweri Museveni has addressed world leaders, emphasizing the urgency of eliminating exploitative commercial lending practices to foster global prosperity.
Delivering his message at the United Nations General Assembly high-level thematic debate on sustainability and socio-economic equality at the UN headquarters in New York, Prime Minister of Uganda, Rt. Hon. Nabbanja Robinah, conveyed the President’s stance.
While here, the Prime Minister was accompanied by Uganda’s Permanent Representative to the United Nations, Ambassador Adonia Ayebare.
Museveni advocates that commercial lending should be reserved for non-essential goods such as luxury items, while infrastructure, manufacturing, and essential services like tourism require concessional loans with low interest rates and extended repayment periods.
Highlighting Uganda’s commitment to inclusive economic growth, Museveni denounced narrow-based economic models favored by some, emphasizing the importance of broad-based socio-economic transformation.
Ambassador Adonia Ayebare reiterated Uganda’s dedication as the chair of the G77+China and the Non-Aligned Movement (NAM) to collaborate with the United Nations in fulfilling the Sustainable Development Goals (SDGs).
Ayebare further emphasized the G77+China’s call for urgent action on debt sustainability and reforms in the financial architecture.
The President of the United Nations General Assembly, Dennis Francis, stressed the imperative of transitioning from rhetoric to tangible actions to achieve sustainable development goals.
He underscored the need for a coordinated multilateral effort to reshape and reform international financial institutions to better support sustainable development worldwide.
The week-long high-level thematic debate aims to address the challenges in attaining debt sustainability and shed light on the repercussions of the current debt crisis on developing nations. It seeks to expedite both national and international initiatives towards achieving socio-economic equality globally.