Malawi has called for total debt cancellation for all Least Developed Countries (LDCs) so that they can recover and build back better after the Covid 19 pandemic.
The Vice President Dr Saulos Chilima was addressing the 2022 UN ECOSOC Financing for Development Forum on behalf of the African Group of countries in New York.
Dr Chilima noted that with all the countries struggling to overcome the human and economic devastation from the COVID-19 pandemic, developing countries and especially African countries are the hardest hit.
Dr Chilima, therefore, said the African Group fully supports the proposal by the UN Secretary- General, for the rebirth of the global economic order, to come up with an entire financing ecosystem that addresses the plight of African economies.
The Vice President delivered a keynote address on behalf of the African Group since Malawi is chair of LDCs. He then delivered a statement on aligning the global debt architecture with the SDGs.
Dr Chilima pointed out that debt burden in most LDCs including Malawi has reached pre-Highly Indebted Poor Countries (HIPC) levels. Other countries have also supported Dr Chilima’s call to cancel debt for LDCs.
The Vice President underscored that without adequate financing most of the LDCs won’t meet development targets in this last decade of implementation.
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