Museveni warns of global uncertainty's impact on trade, investment, and development
Seville, Spain – President Yoweri Kaguta Museveni has raised concern over growing global instability, warning that ongoing conflicts, economic protectionism, and renewed competition for natural resources are fueling uncertainty for investment, trade, and development financing. In a written statement delivered by Uganda’s Finance Minister, Matia Kasaija, at the 4th International Conference on Financing for Development in...
Seville, Spain – President Yoweri Kaguta Museveni has raised concern over growing global instability, warning that ongoing conflicts, economic protectionism, and renewed competition for natural resources are fueling uncertainty for investment, trade, and development financing.
In a written statement delivered by Uganda’s Finance Minister, Matia Kasaija, at the 4th International Conference on Financing for Development in Seville, Spain, President Museveni highlighted how international tensions—from the Israel-Palestine conflict and the Russia-Ukraine war, to unrest in Iran are disrupting global economic confidence.
He pointed to trade wars, rising tariffs, and non-tariff barriers, as well as military threats within Africa and a renewed scramble for natural resources such as oil, gas, and minerals, as key contributors to the fragile investment climate.
“We should reform and preserve the multilateral frameworks which have sustained global peace since World War II and promoted free trade under World Trade Organization rules,” Museveni stated.
The Ugandan President emphasized that countries still lagging economically many of them in Africa cannot achieve meaningful progress without sustainable peace and access to global markets.
To counter this, he said African nations are prioritizing regional integration and intra-Africa trade as part of efforts to boost export capacity and build economic resilience.
Museveni also criticized the evolving roles of multilateral financial institutions like the World Bank and International Monetary Fund (IMF), urging them to refocus on their original development missions instead of serving geopolitical interests.
“We are not looking for grants or donations,” he added. “We are talking about mechanisms where Africa can benefit by adding value to its abundant resources—through accessing technologies, affordable financing, and markets for our manufactured products.”
The President’s remarks come at a time when African leaders are increasingly calling for a fairer global financial system that supports industrialization and equitable trade for developing countries.
