OBJ, Join World Leaders’ Debt Relief Plea For Africa

By Chuks Ekpeneru

Olusegun Obasanjo, and Ngozi Okonjo-Iweala, have joined over 100 world leaders to ask G-20 countries for a $44 billion debt relief for African countries to tackle the novel coronavirus.

The former president and his erstwhile finance minister stated this in a letter to the G20 nations demanding “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19”.

The letter 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.”

Others that signed the letter are 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.

Among the leaders are  seven Nobel laureates, including Joseph Stiglitz and Malala Yousafzai,

“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.

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