Financial institutions

Financial institutions Key players in the prevention of future pandemics – Prof. MUK’s Byarugaba

Professor Denis Byarugaba from the Department of Microbiology at Makerere University and a member of the Board of Trustees of the Uganda National Academy of Sciences gave advice to Ugandans, especially financial institutions, on how to better manage pandemics in case they break out.

Byarugaba said preventing the next pandemic, whether a recurrence of Covid-19 or a new outbreak, will require significant investment from the financial and banking sector to minimize the economic effects. and negative humans.

He made the remarks during his opening speech at the ACI Uganda dealer meeting organized by dfcu Bank at the Golden Tulip Hotel in Kampala.

ACI Uganda is a member-driven, policy-focused industry body that represents Ugandan capital market participants. Currently, ACI Uganda’s membership is made up of industry participants from the treasury departments of the 24 licensed commercial banks.

It is affiliated with the ACI Financial Markets Association (ACIFMA) and aims to promote greater cooperation between regulators and financial market participants, to create professional networks, to improve the skills and technical knowledge of brokers, to protect and to enhance the reputation of all financial market participants and support by giving back to communities through sustainable corporate social responsibility programs.

Discussing “How to prevent the next pandemic”, Professor Byarugaba noted that “we will need to increase investments in different aspects of the healthcare value chain, such as human capital to run monitoring centers and manage patients . We must also invest in the public health system to ensure the availability of ambulances, supplies, protective equipment, blood and other important needs. These investments require partnerships between the public and private sectors and this is how you, as participants in the financial markets, come into play.

Asked how to overcome the hesitation that surrounds the adoption of vaccines, Byarugaba noted that vaccines go through a very rigorous process to be approved for human use, even in emergency situations, “so they are safe “.

dfcu Bank Head of Financial Markets Julius Kateera highlighted some of the effects Covid-19 has had on the population, such as increased extreme poverty and rising unemployment.

“The International Monetary Fund plans to increase its forecast that the COVID-19 pandemic will cost the global economy $12.5 trillion through 2024. We therefore thought it prudent to host an engagement to discuss the intersection of health and banking sectors in prevention efforts or prepare for the next pandemic,” he said.

“History has shown us that pandemics are part of human existence. The only difference is the effect they have and the levels of preparation required to be able to survive them,” Kateera concluded.