President Muhammadu Buhari has asked “developed countries”
to cancel debts owed by “poor countries” to enable them recover from the impact
of the COVID-19 pandemic.
Speaking at a UN-backed high-level meeting which held
virtually, Buhari said global solidarity was the hope for humanity in this
pandemic.
He urged “developed countries” to provide free additional
resources through an international consensus to assist poor countries fight the
coronavirus pandemic.
”The world has changed through COVID-19 and so must the
global financing architecture for development financing and the response to the
current pandemic,” he said.
“There is an urgent need for weak and needy countries
especially those of Africa, to receive a fresh reprieve.
”This is a historic plague affecting every corner of the
globe. In the circumstances, the response needed must be global, unconditional,
comprehensive, and rapid.
“Debts must be forgiven and cancelled. Free additional
resources are needed urgently through an international consensus to enable poor
countries work to reverse the devastation of COVID-19 to the human race.
”Rising now and standing together in true global solidarity
to my mind is the only hope for humanity, the best approach to safeguarding the
2030 SDGs and the only way we can build back for more resilient economies and
societies.”
The president also used the opportunity to talk about the
devastating impact of the pandemic on the Nigerian economy and the strategies
being implemented by the government to manage the situation.
”For Nigeria, the shocks are multiple, including the sharp
decline in international oil prices which has negatively impacted revenues and
growth, worsened external and domestic positions, and further increased banking
sector vulnerabilities, resulting in enormous human and economic toll on the
country,” Buhari said.
”We have been proactive in implementing a number of strong
measures, including fiscal, monetary and structural policies, and a multi-front
response to the health crisis created by COVID-19 which captures all tiers of
Government as well as the private sector.
”Our objective is to revert to the government’s planned
medium-term fiscal consolidation path once the crisis is over. Our strategy for
macroeconomic stability is anchored on our home-grown Economic Recovery and
Growth Plan (ERGP).”
Buhari also opened up about the revised 2020 budget, saying
emphasis has been shifted towards bridging the gaps in the nation’s health
infrastructures to strengthen national response to COVID-19 and other diseases.
”This level of disease burden, coupled with poverty level
and Nigeria’s weak system; the COVID-19 pandemic is certainly jeopardizing and
reversing the gains already made by the government and its partners including
in such other areas as outbreaks of Lassa and yellow fevers and measles,’’ the
president added.
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