{"id":86135,"date":"2021-09-24T18:01:46","date_gmt":"2021-09-24T17:01:46","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=86135"},"modified":"2021-09-24T19:07:21","modified_gmt":"2021-09-24T18:07:21","slug":"un-general-assembly-buhari-calls-for-outright-cancellation-of-debts","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/24\/un-general-assembly-buhari-calls-for-outright-cancellation-of-debts\/","title":{"rendered":"UN general assembly: Buhari calls for outright cancellation of debts"},"content":{"rendered":"<p>Nigeria&#8217;s President Muhammadu Buhari has repeatedly called for review of the eligibility criteria for debt suspension including outright cancellation for developing and least developed countries.<\/p>\n<p>This call was made by President Buhari while<span data-preserver-spaces=\"true\">\u00a0speaking at the ongoing 76th session of the UN general assembly in New York on Friday.<\/span><\/p>\n<p>Buhari asked the<span data-preserver-spaces=\"true\">\u00a0world leaders to urgently consider expansion and extension of the debt service suspension initiative.<\/span><\/p>\n<p>Recall that President Buhari in May told European countries and global financial institutions to consider loan restructure or complete debt relief for\u00a0African countries to help reduce the impact of the coronavirus <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/02\/who-covid-19-wont-be-last-pandemic\/\">pandemic<\/a>.<\/p>\n<p><span data-preserver-spaces=\"true\">In the wake of the COVID-19 pandemic, G-20, a group of finance ministers and central bank governors from 19 of the world\u2019s largest economies, along with the European Union, established a debt service suspension initiative (DSSI)<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The initiative, according to World Bank, had delivered more than $5 billion in relief to more than 40 eligible countries including Nigeria.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The suspension period, originally set to end on December 31, 2020, has been extended through December 2021.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOn the issue of debt, we have seen that developing countries have been faced with unsustainable <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/23\/bauchi-high-court-dragged-to-abuja-court-over-n326m-debt\/\">debt<\/a> burdens even before the pandemic. The COVID-19 pandemic has increased the risk of new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments at the expense of domestic health and financing for critical developmental needs,\u201d Buhari told world leaders during UN session.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cI must commend the current initiatives by the international financial institutions and the G20 aimed at significantly mitigating the economic situation of the indebted countries and urge for more efforts in this regard.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTherefore, there is an urgent need to consider expansion and extension of the Debt Service Suspension Initiative to include all Developing, Least Developed Countries and Small Island Developing States facing fiscal and liquidity challenges.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.\u201d<\/span><\/p>\n<div>\n<p><span data-preserver-spaces=\"true\">The president, who acknowledged global efforts, said Nigeria remains concerned over illicit trade, transfer and circulation of small arms and light weapons in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTheir excessive accumulation and uncontrolled spread in many regions of the world are having devastating humanitarian and socio-economic consequences, especially on the continent of Africa,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is on this note that my delegation calls for the worldwide application of the Arms Trade Treaty to codify accountability in the conventional arms trade, which is critical to the security of nations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is in recognition of the need for a broad-based global partnership in the ongoing battle against trans-border crimes, including terrorism and piracy.\u201d<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s President Muhammadu Buhari has repeatedly called for review of the eligibility criteria for debt suspension including outright cancellation for developing and least developed countries. This call was made by President Buhari while\u00a0speaking at the ongoing 76th session of the UN general assembly in New York on Friday. Buhari asked the\u00a0world leaders to urgently consider [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":86138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[3258,18591,25,208,10304],"class_list":["post-86135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-covid-19-pandemic","tag-debts-cancellation","tag-headline","tag-president-muhammadu-buhari","tag-un-general-assembly"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UN general assembly: Buhari calls for outright cancellation of debts<\/title>\n<meta name=\"description\" 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