Amidst the World Bank's International Development Association summit for African Heads of State in Nairobi, Kenya, Ugandan President Yoweri Museveni delivered a scathing indictment, accusing the IMF, World Bank, and Western nations of perpetuating poverty in Africa.
Museveni contended that the continent's predicament stems from systemic errors dating back to the 1960s, asserting that aid has primarily served profiteering interests rather than fostering sustainable development.
He challenged the notion of "sustainable development" advocated by international financial institutions, advocating instead for social and economic transformation. Museveni emphasized the critical need for funding key sectors like transportation, power, and agriculture to reduce production costs and spur growth.
The President criticized the reluctance of lenders to support capital projects such as the Uganda Development Bank, highlighting the disparity in loan approval for trivialities over initiatives crucial for economic advancement.
He called for a shift towards tangible investments in infrastructure and manufacturing, lamenting the prioritization of seminars over essential development projects.
Museveni's impassioned address underscores deep-rooted frustrations with the international aid framework and advocates for a paradigm shift toward strategic investments aimed at catalyzing Africa's economic resurgence.
