President Muhammadu Buhari has asked world leaders to consider developing states “facing fiscal and liquidity challenges” and consider them for “debt suspension, including outright cancellation.” 

He stated this on Friday, while addressing world leaders at the 76th session of the United Nations General Assembly in New York. 





Buhari said, “On the issue of debt, we have seen that developing countries have been faced with unsustainable debt 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. 

“I 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.

“Therefore, 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…

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