The G-20 countries have been asked by forrmer President, Olusegun Obasanjo for a $44 billion debt relief for African countries as a way of helping them to cope with the economic ordeals imposed on them by coronavirus.
Obasanjo was also joined by Ngozi Okonjo-Iweala, former Managing Director of the World Bank and about 100 Global Leaders in the call to the World Powers.
Both Obasanjo and Okonjo-Iweala called for “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19”.
In a letter addressed to the G20 nations, the Leaders said the 2008 to 2010 economic hurdle is far less than what has resulted from the pandemic in 2020.
The letter partly read: “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 duo also asked the international community to waive 2020’s poorer countries’ debt repayments, including $44 billion due from Africa.