UN chief calls for debt relief, post-COVID investment on W. Africa trip -Breaking
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© Reuters. Philippe Senghor Hospital is waiting for people to be vaccinated against coronavirus (COVID-19). This comes amid the emergence of coronavirus (COVID-19 ) cases in Senegal. REUTERS/Zohra Bensemra2/2
By Nellie Peyton
DAKAR, (Reuters) – U.N. SecretaryGeneral Antonio Guterres urged African nations to get debt relief. He also called for more investments in order to support their economies after the COVID-19 epidemic and the impact of war in Ukraine.
As part of his first leg in Nigeria and Niger, the United Nations chief addressed Senegal. There he visited communities affected by climate change and conflict.
Guterres explained that Russia’s invasion has caused disruptions in supply, resulting in simultaneous energy, finance, and food crises throughout Africa.
Many poor countries were forced into bankruptcy by the coronavirus pandemic, and their recovery has been hampered by the Ukraine war, according to International Monetary Fund. The IMF last week stated that sub-Saharan Africa’s public debt ratios are at their highest level in over two decades.
Guterres declared that international financial institutions need to urgently take debt relief steps by increasing liquidity, fiscal space and other measures so that governments are able to avoid default and invest into social safety nets.
He said that although the United Nations made suggestions to the World Bank (IMF) regarding mobilization of funds and other debt relief tools, the results have not been satisfactory.
He appealed to wealthy countries and pharmaceutical firms to donate COVID-19 vaccines faster and invest in local vaccine manufacturing. More than 80% Africans are still unvaccinated.
He said that, “beyond vaccine, we see large imbalances when it comes investments in post COVID recovery,” and added that Africa’s projected economic growth per capita will be 75% less than the rest of the globe over the next five-years.
Guterres claimed that he visited Dakar’s vaccine manufacturing plant with Macky Sall from Senegal. The unit will soon produce vaccines against COVID-19, among other diseases.
An executive from South Africa’s Aspen Pharmacare told Reuters that the first COVID-19 vaccine plant in Africa, which was touted last year as a pioneer, is now at risk of being shut down.
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