Malawi president asks UN to cancel debt of poor countries
President Dr Lazarus Chakwera has asked UN and developed countries to cancel debts owed by poor countries.
Making his maiden speech at the 75th UN general assembly, Chakwera said poor nations have been hit hard with covid-19 pandemic hence they need to be bailed out.
Chakwera’s remarks come at a time when the country is expected to pay 176 billion kwacha of 2.19 trillion or 5.3 percent of GDP on interest repayment only.
“Considering the potential length and breadth of this pandemic we request and are hopeful for debt cancellation ultimately and an extension of the debt moratorium in the meantime. That will enable us as LDC’s to recover from this devastating pandemic sustainably,” explains Chakwera
Commenting economic analyst Ben Kaluwa said the plea comes at a right time bearing in mind the situations that Malawi and other under developed countries are experiencing
He stressed the need for the country to start finding sustainable ways of worth creation and stop donor dependence.
