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.
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