Museveni warns of global conflicts impacting investment and development finance
Museveni emphasized the urgent need to preserve and reform multilateral frameworks that have underpinned global peace since World War II and fostered free trade under World Trade Organisation (WTO) rules.
President Yoweri Kaguta Museveni has voiced concerns over a growing number of global conflicts and protectionist policies, warning that they are creating significant uncertainty for international trade, investment, and development finance. His remarks were delivered in a statement at the 4th International Conference on Financing for Development currently underway in Seville, Spain.
The statement, presented to the conference by Ugandan Finance Minister Matia Kasaija, detailed the President’s apprehension regarding various ongoing crises, including the Israel-Palestine conflict, the Russia-Ukraine war, and potential escalation involving Iran.
He also highlighted trade wars, escalating tariffs, non-trade barriers, inward-looking economic policies, regional military threats in Africa, and a renewed scramble for natural resources, including oil, gas, and minerals, as major contributors to the instability.
President Museveni emphasized the urgent need to preserve and reform multilateral frameworks that have underpinned global peace since World War II and fostered free trade under World Trade Organisation (WTO) rules. “We should reform and preserve the multilateral frameworks which have sustained global peace since World War II, and promoted free trade under World Trade Organisation trade rules,” the statement read.
He further asserted that countries lagging economically, particularly those in Africa, require sustained peace and access to global markets to achieve meaningful development. In response, Uganda is prioritizing regional market integration and intra-African trade to expand export opportunities. “This is the reason why in Africa we are prioritising strengthening regional markets and intra-Africa trade to be able to expand the markets for exports,” Museveni stated.
The President also called on multilateral financial institutions, such as the World Bank and the International Monetary Fund (IMF), to refocus on their original mandate of development, urging them to refrain from being utilized as instruments for geopolitical objectives by individual nations.
In his concluding remarks, President Museveni emphasized that Africa is not seeking handouts but rather fair partnerships that facilitate value addition to its abundant resources through technology transfer, affordable financing, and access to markets for manufactured goods.
“We are not looking for grants or donations, we are talking about mechanisms where Africa can benefit by adding value to its abundant resources, through accessing technologies, affordable financing and access to markets of our manufactured products,” he said.
