By Cedric Nkungula
Malawi President Dr. Lazarus McCarthy Chakwera has send a call to rich countries to cancel debts for Least Developed Countries (LDCs) because their economies are in bad shape.
Addressing the 78th United nations General Assembly (UNGA) Conference on Thursday 21st September 2023 in New York, United states of America, Chakwera did not mince words saying the level of debts of most LDCs is in distress therefore unsustainable.
Chakwera said the world has already lost two years of progress during the Decade of Action due to the economic shutdowns effected to contain Covid-19 and that debt cancellation is the only key if the global economy is to regain that lost ground.
“We have lost another two years of progress during this Decade of Action due to economic disruptions caused by the war in Eastern Europe, and if you want to see LDCs catch up on SDGs, you must cancel the debts. That’s a decision you can make today and action you can take that would breathe oxygen into the suffocating economies of the global south. That’s a decision you can make today so that the money being drained by servicing debts can go towards rebuilding roads, schools, hospitals, businesses, and livelihoods,” said the Malawi leader.
He said Malawi is committed to continue implementing reforms and policies aimed at building economic resilience against shocks.
Chakwera added that Malawi is committed to continue engaging the United Nations as well as development partners, both multilaterally and bilaterally in mobilizing international support that goes beyond disaster management and seeks to build sustainability.
“We are committed to continue banging on the doors of financial institutions that remain too slow, too unresponsive and too rigid to address the existing financing gaps in the programs we have for achieving SDGs. We are committed to the principles of the UN Charter and to a rules – based international system, so long as we have the power to change the rules that have worked against us and held back our development for decades,” he said.
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