Ramaphosa calls for debt relief for African countries

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Ramaphosa calls for debt relief for African countries

President Cyril Ramaphosa addresses SA National Defence Force (SANDF) members earlier than their deployment forward of the nationwide Covid-19 shutdown, Pretoria, 26 March 2020. Picture: GCIS

He additionally known as on the worldwide neighborhood to encourage open commerce corridors, particularly for prescription drugs and different well being provides.

President Cyril Ramaphosa has urged the World Bank, International Monetary Fund, and the African Development Bank to waive curiosity funds for indebted African countries in mild of the coronavirus disaster.

The president, on the eve of the lockdown coming into power on Friday, instructed the G20 Extraordinary Leaders’ Summit that the worldwide neighborhood wanted to display solidarity with Africa by way of monetary assist measures.

He steered that they need to present debt relief within the type of curiosity cost waivers to allow the countries to concentrate on the battle towards Covid-19.

He mentioned the measures ought to each assist the continent’s speedy humanitarian wants and place the continent on a path of financial restoration.

“Given {that a} third of sub-Saharan African countries are in debt misery or liable to debt misery, the waiver of all curiosity funds on bilateral and multilateral loans would assist,” he mentioned.

As many of the prescription drugs and medical provides consumed on the continent have been imported, Ramaphosa known as on the worldwide neighborhood to encourage open commerce corridors, particularly for prescription drugs and different well being provides.

He mentioned “multilateralism was much more essential as we speak” to guard world residents.

“This pandemic goes to worsen the financial conditions of many African economies. It will reverse the positive aspects that many countries have made lately. We want to make sure commerce and funding flows aren’t adversely disrupted,” he mentioned.

“At the continental stage Covid-19 is already having a devastating influence on many countries and on this regard many African economies want a sturdy financial stimulus bundle.”

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live at 2020-03-29 14:53:10

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