https://en.sputniknews.africa/20231014/current-financing-system-is-used-to-keep-countries-in-subjugation-burkinabe-minister-says-1062772088.html
Current Financing System is Used to 'Keep Countries in Subjugation,' Burkinabe Minister Says
Current Financing System is Used to 'Keep Countries in Subjugation,' Burkinabe Minister Says
Sputnik Africa
The multipolar global economy has emerged as a crucial agenda item in the global arena. At the Russian Energy Week (REW), taking place in Moscow on October... 14.10.2023, Sputnik Africa
2023-10-14T11:56+0200
2023-10-14T11:56+0200
2023-10-14T11:56+0200
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The current criteria for determining the price of financing are discriminatory, as they imply that it is expensive in some countries and cheaper in others, Burkinabe Minister of Energy, Mines and Quarries Simon-Pierre Boussim told Sputnik Africa during his visit to Russia on the occasion of the Russian Energy Week.In addition, the minister said that Burkina Faso welcomed the vision of a multipolar world outlined by the Putin since this "multipolar change leads to a reform of financial institutions" and will lead to a readjustment of collaboration.'Funding Criteria Must be Redefined'Continuing the topic about the reforms of financing systems, Boussim noted that they "are necessary because the rate of access to financing should be identical, regardless of the country." According to the minister, international financing systems need to redefine their course. He emphasized that they need to adapt to the realities of each country, in order to effectively respect the values and conditions of the countries benefiting from them. Moreover, the minister opposed the current process of acquiring financing which is based on discount rates, as well as on indicators that take into account the quality of life, and other criteria.As an example of the fact that the current financing system does not consider the realities of a country and its values, the suspension of the World Bank loans to Uganda could be cited. The financial institution took the measure in response to the passing of the country's Anti-Homosexuality Bill 2023, which Ugandan authorities say is intended to protect the country's cultural, religious and family values.Giving Chance For All CompaniesFurthermore, Boussim highlighted that since colonization, tax agreements have been granted to countries to avoid double taxation. According to him, this raises a question of competitiveness between companies, especially since when these agreements are granted to an African or Western country, and Russian companies do not benefit from them, there is already discrimination in market access.In addition, the minister believes that legislative and regulatory criteria need to be redefined.REW is one of the leading international platforms for discussion of topical issues relating to the development of fuels and the energy sector. The 6th edition of this forum takes place from October 11 to 13 in Moscow.
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Current Financing System is Used to 'Keep Countries in Subjugation,' Burkinabe Minister Says
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The multipolar global economy has emerged as a crucial agenda item in the global arena. At the Russian Energy Week (REW), taking place in Moscow on October 11-13, Russian President Vladimir Putin also touched on this topic, noting that the world economy is shifting to a multipolar model with several growth centers.
The current criteria for determining the price of financing are discriminatory, as they imply that it is expensive in some countries and cheaper in others, Burkinabe Minister of Energy, Mines and Quarries Simon-Pierre Boussim told Sputnik Africa during his visit to Russia on the occasion of the Russian Energy Week.
"This is a discrimination that negatively affects the countries we want to support. But in reality, everything is designed to keep them in a certain subordination, in a certain subjugation, in a certain exploitation. Thus, for us today, the multipolarity of cooperation inevitably entails a revision of financing methods, a revision of economic, political, security and even humanitarian issues, so that we can really help each country negotiate with any other country on an equal basis, in win-win interests, let's say," the minister argued.
In addition, the minister said that Burkina Faso welcomed the vision of a multipolar world outlined by the Putin since this "
multipolar change leads to a reform of financial institutions" and will lead to a readjustment of collaboration.
'Funding Criteria Must be Redefined'
Continuing the topic about the reforms of financing systems, Boussim noted that they "are necessary because the rate of access to financing should be identical, regardless of the country."
According to the minister, international financing systems need to redefine their course. He emphasized that they need to adapt to the
realities of each country, in order to effectively respect the values and conditions of the countries benefiting from them.
Moreover, the minister opposed the current process of acquiring financing which is based on discount rates, as well as on indicators that take into account the quality of life, and other criteria.
"For us, a life in Russia is the same as a life in Burkina Faso, a life in Russia is the same as a life in the United States, France, Burkina Faso, Mali and so on. There's no question of one life being more expensive than another. So, financing criteria must be redefined so that, at international level, everything is based on the dignity of countries, the values of countries and therefore their sovereignty," the minister underlined.
As an example of the fact that the current financing system does not consider the realities of a country and its values, the
suspension of the World Bank loans to Uganda could be cited. The financial institution took the measure in response to the passing of the country's Anti-Homosexuality Bill 2023, which Ugandan authorities say is
intended to protect the country's cultural, religious and family values.
Giving Chance For All Companies
Furthermore, Boussim highlighted that since colonization, tax agreements have been granted to countries to avoid double taxation. According to him, this raises a question of competitiveness between companies, especially since when these agreements are granted to an African or Western country, and Russian companies do not benefit from them, there is already
discrimination in market access.
"Today, we have denounced a certain number of conventions, agreements and this allows us to put foreign companies on the same level of competitiveness. This means that, in the long term, the work we are doing will give every company the same opportunities to operate in our countries", he confided.
In addition, the minister believes that legislative and regulatory criteria need to be redefined.
"Today, in Burkina, we have the ambition to process most resources at national level to be able to create jobs and increase added value in the chain of exploitation of these resources," he underscored.
REW is one of the leading international platforms for discussion of topical issues relating to the development of fuels and the energy sector. The
6th edition of this forum takes place from October 11 to 13 in Moscow.
