Categories: METRO

African Govts Need To Quickly Ask For Debt Relief Over Coronavirus – Okonjo-Iweala

Nigeria’s former minister of finance, Ngozi Okonjo-Iweala has advised Nigeria and other African countries to quickly pressure the G7 and G20 for debt-relief in order to deal with the economic and health issues arising from the novel Coronavirus pandemic.

The Harvard-educated economist who played a huge role in getting Nigeria an $18 billion debt-relief as minister of finance, stated a debt relief will aid in getting resources to tackle the spread of Coronavirus.

Okonjo-Iweala averred that the money owed by some African countries can be channeled towards dealing with Coronavirus.

She told BBC; 

“You know we have several sources, you’ve got the African Development Bank, which has just floated a social bond for $3 billion that will be available to the countries on the continent,” she said.

“You have the World Bank that has set aside $14 billion of which they’ve already committed $2 billion to 25 countries — and 11 of them are Africans. Many of our countries need to move, to take advantage of this, and they are willing to commit $150 billion dollars over the next 15 months.

“The IMF has put forward $50 billion as an emergency fund, and already 80 countries have applied for this, many of them African. 

Sponsored

“It also has a $1 billion grant fund; catastrophe containment and relief trust, which they can approach. Let me mention my own organisation, GAVI, where I am chair of the board. We have made immediately available $200 million to $300 million grant.

“Once these monies become available, if the countries get debt relief, that means that the monies they would have been paying to service the debt that they’ve taken from other countries; bilateral debts or from institutions, this monies can now be used to procure food and supplied and support the livelihood of people in the rural and urban area.

“Government can use these resources as part of an intervention fund to help people directly, and I think this is what they should be looking to do. But we need to move quickly, the debt relief we haven’t got it yet.

“There needs to be a great deal of pressure on the G7, G20 to come forward with this measure and then countries need to start availing themselves of the already available resources, and then pressure for the debt relief.”

SPONSORED
ABN TV EDITOR

ABN TV is one of the most visited news platform across Nigeria and the world over. It has carved a niche for itself in delivering authentic, accurate news.

Recent Posts

Edo Policewoman Dismissed For Allegedly Exposing Rape Involving Colleague Threatens Suicide

A former police officer in Edo State, Inspector Edith Uduma, has threatened to kill herself…

2 hours ago

Dangote Refinery Reduces Fuel Price By N20

The Dangote Petroleum Refinery says it has reduced the price of its Premium Motor Spirit…

13 hours ago

NIPR President Calls for Collaborative Knowledge to Tackle Global Challenges

The President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR), Dr.…

17 hours ago

Withdraw Your Comment On Nigerian Economy Now, APC Chieftain Joe Igbokwe Tells Davido

A chieftain of the All Progressives Congress (APC), Joe Igbokwe has advised Afrobeats star, Davido…

20 hours ago

Akwa Obim State Govt Suspends Principal Over Poor School Feeding

Akwa Ibom State Commissioner for Education, Idongesit Etiebet, has announced the suspension of Nse Sunday…

21 hours ago

Edo: Obaseki in Fresh Trouble as Okpebholo Sets-up Panel to Probe Predecessor

By Ogochukwu Isioma The Edo State Governor, Senator Monday Okpebholo, has approved the constitution of…

1 day ago