AFRICAN LEADERS PROPOSED REQUEST TO CANCEL EXTERNAL DEBTS

The novel virus has cause African nations to dedicate more resource to their various health care sector more than ever. With that in mind, the continent leaders plans to request for their external debts to either be reduced or totally removed.

If the nations are dedicating between 15% and 30% of their budgets to pay the high interest on their external debt, how do they do it?

The plan is to invest in health and leave debts aside. but will International organisation and Creditor accept such proposal?. Countries like South Africa, Egypt, Morocco and Algeria with about 45,000 cases and 1,800 deaths has been hit by the COVID-19 while other like Nigeria, Cameroon, Ghana, Ivory Coast, Guinea or Senegal are steadily having their number increased.

For the first time in history, Africa demands, plain and simple, the cancellation of an external debt that without coronavirus was already worrying and that now, with the economic crisis deepening more and more, is a heavy slab that conditions the future of the entire continent.

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