(2 minutes read)
· African nations have asked for rollover of moratorium extended to them from debt servicing on account of the Covid-19 pandemic
· Also, they asked for dramatic fiscal measures to help economies survive the impact of the coronavirus pandemic
· According their estimates, an annual support of $100 billion for the next three years is needed to bail out the fragile economies
African nations have asked for rollover of moratorium extended to them from debt servicing on account of the Covid-19 pandemic. Also, they asked for dramatic fiscal measures to help economies survive the impact of the coronavirus pandemic.
According to their estimates, an annual support of $100 billion for the next three years is needed to bail out the fragile economies. That will work out to only a fraction of the sum the rich courtiers are committing to rejuvenate their economies.
They put forward this demand at the UN General Assembly, which was held virtually recently.
Several African leaders maintained that the debt moratorium until 2021 was necessary and in some cases debt cancellation are needed to tackle the effects of the pandemic. Africa also will have to fight against other diseases like malaria and HIV/AIDS.
Ivory Coast President Ouattara said that economic effects of the pandemic have represented around 5% of his country’s GDP and urged for further international support to get its economy back on track. This was echoed by heads of states of several other African countries.
