Tuesday , June 15 2021

President Buhari Wants Debt Relief For African Countries

President Muhammadu Buhari has again called on European countries and global financial institutions to consider reducing devastating effect of the Coronavirus pandemic on African economies by restructuring debt portfolios and opting for complete reliefs.

Buhari made the call in Paris, France, while speaking at the Financing Africa Summit held at Grande Palais Ephemere.

The president said the effect of the pandemic should also be reduced by releasing vaccines to the continent, which is still behind in protecting majority of its citizens.

He said the fall in commodity prices as COVID-19 took a toll on the global economy further slowed growth in some countries and strained health facilities.

The President asked the European Union to encourage fair and equitable distribution of the COVID-19 vaccines in less developed countries, and promote the establishment of manufacturing facilities.

According to him, many African countries were already experiencing debt distress and the Debt Service Suspension by France and G-20 does not go far enough.

While speaking on the Paris Agreement for Climate Change, Buhari noted that African countries would need financial support for green energy investment and COP-26.

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