President Muhammadu Buhari, in his speech at the ongoing 76th session of the UN general assembly in New York on Friday, September 24, called for a review of the eligibility criteria for debt suspension and an outright cancellation for developing and least developed countries.
The Nigerian leader who said the COVID-19 pandemic had increased the risk of a new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments at the expense of domestic health and financing for critical developmental needs, appealed to world leaders to urgently consider expansion and extension of the debt service suspension initiative.
Buhari said;
“On the issue of debt, we have seen that developing countries have been faced with unsustainable debt burdens even before the pandemic. The COVID-19 pandemic has increased the risk of new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments at the expense of domestic health and financing for critical developmental needs.
“I must commend the current initiatives by the international financial institutions and the G20 aimed at significantly mitigating the economic situation of the indebted countries and urge for more efforts in this regard.
“Therefore, there is an urgent need to consider expansion and extension of the Debt Service Suspension Initiative to include all Developing, Least Developed Countries and Small Island Developing States facing fiscal and liquidity challenges.
“In addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.”
Buhari also called for the worldwide application of the Arms Trade Treaty to codify accountability in the conventional arms trade, which is critical to the security of nations. He further reiterated the need for a broad-based global partnership in the ongoing battle against trans-border crimes, including terrorism and piracy.
The President added;
“Their excessive accumulation and uncontrolled spread in many regions of the world are having devastating humanitarian and socio-economic consequences, especially on the continent of Africa.
“It is on this note that my delegation calls for the worldwide application of the Arms Trade Treaty to codify accountability in the conventional arms trade, which is critical to the security of nations.
“This is in recognition of the need for a broad-based global partnership in the ongoing battle against trans-border crimes, including terrorism and piracy.”
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