As the world reels from the coronavirus pandemic that is sweeping through the globe wreaking havoc on economies, international lenders should postpone the servicing of loans owed by African countries according to Dr. Mukhisa Kituyi.
Dr. Kituyi, who is secretary-general of the United Nations Conference on Trade and Development (UNCTAD), says many developing countries cannot on their own effectively cushion their people from the vagaries of the coronavirus pandemic.
Speaking on Punchline on Sunday, the UNCTAD boss said that President Uhuru Kenyatta should be among African leaders championing for debt moratorium.
“First of all, I don’t think any developing country on its own has all the right tools to cushion its people properly…The President [Kenyatta] is well-respected internationally. He can be one of the leaders of an African campaign for a moratorium on the repayment of multilateral and bilateral debts. Let China postpone any the servicing of the SGR debt for example.
Dr. Kituyi said that international lenders, the World Bank and the International Monetary Fund, should avail more resources for developing countries for economic stimulus packages as well as help them feed their people.
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