Museveni Warns of Global Economic Threats

President Yoweri Museveni has raised concerns over the growing threats to global economic stability stemming from persistent armed conflicts and trade wars.

In a written statement delivered by Finance Minister Matia Kasaija at the 4th International Conference on Financing for Development (FFD4) in Seville, Spain, Museveni warned that the “unjustified wars” and protectionist policies unfolding across the globe are undermining trade, investment, and long-term development.

He cited ongoing conflicts such as the Israel-Palestine crisis, the Russia-Ukraine war, rising tensions involving Iran, as well as trade wars characterized by skyrocketing tariffs and non-trade barriers. Other threats he mentioned include regional military tensions in Africa and renewed global competition for natural resources like oil, gas, and minerals.

“We should reform and preserve the multilateral frameworks which have sustained global peace since World War II and promoted free trade under the World Trade Organization (WTO) rules,” Museveni emphasized.

The President said sustainable peace and access to global markets are essential for economic transformation, especially for developing countries, many of which are in Africa. “That is why in Africa we are prioritizing strengthening regional markets and Intra-African trade to expand our export opportunities,” he added.

Museveni also urged multilateral financial institutions such as the World Bank and the International Monetary Fund (IMF) to refocus on their original development mandates. He criticized their increasing involvement in geopolitical agendas and called for mechanisms that empower Africa to benefit from its vast natural resources.

“We are not looking for grants or donations,” Museveni clarified. “We are talking about enabling Africa to add value to its abundant resources by accessing technology, affordable financing, and fair access to markets for our manufactured products.”

The Fourth International Conference on Financing for Development is aimed at building a renewed global financing framework to support development efforts. Key commitments from the conference include closing the $4 trillion financing gap for the Sustainable Development Goals (SDGs), addressing global debt crises, and reforming international financial rules to ensure fairness and transparency.

The Sevilla Commitment, a key outcome of the conference, represents a global pledge to overhaul how the international system supports countries on their path to sustainable development.