Developed Countries Should Cancel Africa’s Debt

President Muhammadu Buhari has urged “developed countries” to forgive and cancel debts owed by “poor countries” so that they can plan and endeavour to recover from the impact of the COVID-19 pandemic.

According to the President, who spoke at a UN-backed high-level meeting which held virtually, global solidarity was the hope for humanity in this pandemic.

He further urged the developed nations to agree to assist in helping underdeveloped nations to tackle 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.”