https://www.thecable.ng/breaking-obasanjo-okonjo-iweala-demand-44bn-debt-relief-for-africa/amp?__twitter_impression=true

World leaders, including Olusegun Obasanjo, former president of Nigeria and Ngozi Okonjo-Iweala, former managing director of the World Bank, have asked the G-20 countries for a $44 billion debt relief for African countries to tackle the novel coronavirus.

The duo joined over 100 world leaders in demanding “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19″.

In a letter address to the G20 nations, the leaders said the 2008 to 2010 economic crisis is less complicated than the current pandemic seen across the world.

In 2008-2010, the immediate economic crisis could be surmounted when the economic fault line—under-capitalization of the global banking system—was tackled,” the letter read.

“Now, however, the economic emergency will not be resolved until the health emergency is effectively addressed: the health emergency will not end simply by conquering the disease in one country alone, but by ensuring recovery from COVID-19 in all countries.”

The also asked the international community to “waive this year’s poorer countries’ debt repayments, including $44 billion due from Africa, and consider future debt relief to allow poor countries the fiscal space to tackle the health and economic impact of the COVID-19 pandemic”.

“We ask the G20 to task the IMF and the World Bank to further assess the debt sustainability of affected countries.”

THE GLOBAL PICTURE

The world leaders, including Tony Blair and Gordon Brown, former prime ministers of the UK; Joyce Banda, former president of Malawi; Ban Ki Moon, former UN secretary-general; Mo Ibrahim, Sudanese billionaire; George Soros, founder and chair of the Open Society Foundations, all asked for an immediate release of $8 billion to battle the pandemic.

“World leaders must immediately agree to commit $8 billion–as set out by the Global Preparedness Monitoring Board–to fill the most urgent gaps in the COVID-19 response,” the said.

“This includes: $1 billion this year urgently needed by WHO: This would enable WHO to carry out its critically important mandate in full. While it has launched a public appeal–200,000 individuals and organizations have generously donated more than $100 million–it cannot be expected to depend on charitable donations.

“$3 billion for Vaccines: The Coalition for Epidemic Preparedness Innovations (CEPI) is coordinating the global research effort to develop and scale up effective COVID-19 vaccines. In addition Gavi, the Vaccine Alliance will have an important role procuring and equitably distributing vaccines to the poorest countries and requires $7.4 billion for its replenishment: this should be fully funded.

“$2.25 billion for Therapeutics: The COVID-19 Therapeutics Accelerator aims to deliver 100 million treatments by the end of 2020 and is seeking these funds to rapidly develop and scale-up access to therapeutics.”

They also asked the G20 for “a further $35 billion will be required, as highlighted by WHO, to support countries with weaker health systems”.

The leaders, of whom are seven Nobel laureates, including Joseph Stiglitz and Malala Yousafzai, the “aim should be to prevent a liquidity crisis turning into a solvency crisis, and a global recession becoming a global depression”.

Optimistic estimates from Imperial College London suggest there will be 900,000 deaths in Asia and 300,000 in Africa, from COVID-19.

Africans should just rename it money virus

Agu nwanyi!

Reason behind the audio virus in Africa is revealing day by day.

At this point, I am not interested knowing our governments will go back to borrow again!

Demand debt relief for funds borrowed and stolen by our leaders!!!

A friend of mine says in few years to come Nigeria and Africa will developed

I told him straight up that never

I am not a sociopath

The truth is nobody the real Afrikans never wish themselves well how much more the development of their country

Commendable as this is, but there is a "Moral Hazard" angle to this. African leaders cannot keep borrowing money from others, abuse those funds and then turn around to ask for debt forgiveness. Just in 2005, the Paris Club wrote off $18bn of Nigeria's debt.

Africa needs to grow up and stop always behaving like a child who is incapable of taking responsibility for herself!

Debt relief?

Na so so borrow borrow wey dx people sabi...SMH in dismay

Fergie001 where went u na?

If all Nigerian leaders where like obasanjo we would have made lots of progress ...the man United Nigeria like never before

Who is fooling who?

They are seeking for debt relief while the terrorist and nepotistic dullard is busy collecting more loans.

The id1ot of Daura would get sense Las Las!

ghettokid1:
Fergie001 where went u na?

...been around, NL said their server is overwhelmed

If this debt relief is granted, will these leaders not loot loot and re-loot the money?

The Sub Saharan Africa is plaqued by rulers instead of leaders.

The debt never had impacts on the citizens in the first place.

Forgive them of the debt today and they will go aborrowing tomorrow.

The problem or Africa is simple,yet complex.

fergie001:
...been around, NL said their server is overwhelmed

If this debt relief is granted, will these leaders not loot loot and re-loot the money?

That Is Nigeria 4 u

Since buhari is in self-induced coma, let president Olusegun Obasanjo kuku take control of the govt and start ruling from Otta farms

The only reward they are ever gonna get is BMO attacking them.