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.

Related Posts

DPP Blues Rebels Brings Division In

The way Charles Mchacha is castigating the Leader of Opposition in Parliament, Hon Kondwani Nankhumwa, is just testimony enough that Read more

Malawi Freedom Network advice President Banda to fight corruption

If you thought Malawians are lazy people, I bet you a Dinosaur, think twice and you will know, check in Read more

Malawi Government Faulted Over Arrests of Coup Suspects

The recent arrest in Malawi of three opposition politicians accused of planning to unseat President Peter Mutharika is dissent from Read more

Allegations of a coup plot sour diplomatic ties

The US embassy has denied involvement in an alleged plot to overthrow the president, Peter Mutharika. Analysis Media reports that Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

FDH Launch Islamic Banking Window