Home Coronavirus: Okonjo-Iweala tells Nigeria, African countries next action to take
Array

Coronavirus: Okonjo-Iweala tells Nigeria, African countries next action to take

Former minister of finance, Ngozi Okonjo-Iweala has called on Nigeria and other African countries to immediately mount pressure on the G7 and G20 for debt-relief to tackle Coronavirus.

According to her, this will help African countries deal with the economic and health issues arising from Coronavirus.

Okonjo-Iweala suggested that the money owed by some African countries could be channeled towards dealing with the economic crisis arising from the outbreak of Coronavirus.

She told the BBC, “We have several sources, the African Development Bank, which is one of them that just floated a social bond for $3 billion to be available to African countries.

“Also, the World Bank has set aside $14 billion ,$2 billion has already beeen committed 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.

Former minister of finance, Ngozi Okonjo-Iweala has called on Nigeria and other African countries to immediately mount pressure on the G7 and G20 for debt-relief to tackle Coronavirus.

According to her, this will help African countries deal with the economic and health issues arising from Coronavirus.

Okonjo-Iweala suggested that the money owed by some African countries could be channeled towards dealing with the economic crisis arising from the outbreak of Coronavirus.

She told the BBC, “We have several sources, the African Development Bank, which is one of them that just floated a social bond for $3 billion to be available to African countries.

“Also, the World Bank has set aside $14 billion ,$2 billion has already beeen committed 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.

“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 immediately made available a $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 can now be used to obtain food and other necessary supplies to support people in the rural and urban area.

“This can be used by the government as part of an intervention fund to help people directly,but needs to be done quickly, the debt relief we haven’t got yet. The african countries need to put a lot of pressure on the G7, G20 to come forward with this measure, and then pressure for the debt relief.”

7 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

INEC staff caught on tape collecting N1000 to give out PVCs [WATCH]

A video has emerged showing a staff of the Independent National Electoral Commission (INEC) at Emene Primary school in Enugu State collecting N1,000 each...

Tribunal: Osun APC, PDP clash over protests

The Osun State chapter of the All Progressives Congress has alleged that protests by some people in the state over the judgement of the...

Yahaya Bello Allegedly Withdraw Support for Tinubu 

According to the report, Kogi's new stance is informed by permutations in the north-central state ahead of its November governorship election. As a result of...

2023: Atiku, Tinubu in fresh battle over health issues, alleged corruption

Barely 38 days to the presidential election scheduled for February 25, both camps of the All Progressives Congress, APC, and the Peoples Democratic Party,...

Govs To Meet Emefiele Over New Naira Notes

Aminu Tambuwal, chairman of the Nigeria Governors' Forum, has invited Godwin Emiefele, governor of the Central Bank of Nigeria, to a virtual meeting on...