'Dev't requires new financing '

By David Mugabe

President Yoweri Museveni has called for new financing models that involve the private sector to fund the next stage of global development.

During a UN backed high-level Development Cooperation Forum on the new Sustainable Development Goals at Speak Resort Munyonyo over the weekend, Museveni said blending arrangements to mobilize cheaper sources of funding will require creativity and many players because the challenge remains huge.

Museveni said each country has a primary responsibility for its own economic and social development citing the example of Uganda that is currently undertaking huge infrastructure projects on road and rail which take a bigger chunk of their budgets.

“(These infrastructure projects are) laying a firm foundation for economic take off,” noted Museveni in a speech read by the Prime Minister Ruhakana Rugunda.

The prioritization he said can be undertaken at a more strategic regional level though regional effort such as the Northern Corridor Integration Project of Uganda, Kenya, Rwanda and now DRC.

The 17 successor international development agenda called the Sustainable Development Goals (SDGs) adapted in September 2015 now replaces the Millennium Development Goals. The SDGs are under the theme: “Transforming our world: the 2030 Agenda for Sustainable Development.” 

Implementing the SDGs agreed upon by the global states will start in 2016 although its funding has not yet been agreed.

According to Patrick Ocailap, deputy secretary to the treasury, Uganda has incorporated 76% of the SDGs making the country one of the first states whose national plan are aligned to the SDGs. He said the SDGs are being localized under the National Development Plan II.

“(We want to ensure public sector drive action on the SDGs, with quality and equitable public services as the primary mechanism through which SDGs can become a reality for citizens,” noted Ocailap.

Museveni promised that Uganda will continue exploring alternative, but affordable sources, to financing development. To do this he said, government will emphasizes tax administration and efforts to widen the tax base.

He conceded that one of the major challenges many developing countries continue to face is accessing affordable long-term financing for critical infrastructure projects.

To bridge the infrastructure gap, he said one option is long-term financing at concessional and affordable rates is needed.

Museveni said the world and the country also need to do more to promote micro, small and medium enterprises (MSMEs), support entrepreneurship especially for women and youth and enhance the contribution of the private sector and other stakeholders to sustainable development.

“No one should be left behind. It is incumbent upon us all to take the development aspirations laid out in the SDGs and turn them into reality on the ground,” noted Museveni.

Presidential advisor Dr Ezra Suruma said the SDGs are similar to Uganda’s national priorities including the elimination of poverty, equality and mitigating climate change.

He said although the world had agreed to the goals, how they should be funded remains to be sorted and thus there remains a lot of work to be done.