President Muhammadu Buhari will today, Thursday join other World leaders in a global virtual discussion, as they seek to advance concrete solutions to the development emergency caused by the COVID-19 pandemic.
President Buhari is expected to use the opportunity to further canvass for debt cancellation for less developed and vulnerable nations from international financial institutions, especially in the wake of current global economic crises caused by the coronavirus pandemic
The event hosted by United Nations systems is expected to tackle critical financial issues to address economic devastation caused by COVID-19 pandemic
According to the Media Advisory from the Office of the Spokesperson, Department of Global Communications, the event will hold today, 28 May 2020, between 8:00 -12:00 pm EDT, via Webcast: http://webtv.un.
The Prime Ministers of Canada and Jamaica and UN Secretary-General António Guterres will convene the special high-level meeting to advance concrete solutions to the global development emergency caused by the COVID-19 pandemic.
The event will take critical decisions to address the deadly COVID-19 pandemic which has so far claimed more than 325,000 lives and has infected more than five million people.
This is even as the pandemic is projected to cause the global economy to sharply contract this year, throwing more than 300 million people out of work and pushing more than 30 million people into extreme poverty.
The virtual event will open with a High-Level Segment in which Heads of State and Government will express their commitment to decisively facilitate global solutions to address the global economic crisis and its effects on the most vulnerable.
A High-Level Panel of leaders from international institutions will discuss the challenges and opportunities to act quickly on six issues listed for discussions
They include the need to expand liquidity in the global economy and maintain financial stability to safeguard development gains.
The meeting will also discuss the need to address debt vulnerabilities for all developing countries to save lives and livelihoods for billions of people around the world, as well as the need to create a space in which private sector creditors can proactively engage in effective and timely solutions.
Others include “Prerequisites for enhancing external finance for inclusive growth and creating jobs, including lowering the transactions costs of remittances.
“Measures to expand fiscal space and foster domestic resource mobilization by preventing illicit financial flows, as well as a sustainable and inclusive recovery by aligning recovery policies with the Sustainable Development Goals.”
The Panel will be followed by a High-Level Response Segment among Heads of State and Government and partners.
The COVID-19 pandemic and the social and economic crisis it triggered will derail chances to achieve the 2030 Agenda for Sustainable Development – unless there is a commensurate global response that reaches at least 10 percent of global GDP, responds rapidly, provides support to all countries in need, and builds back better for more resilient economies and societies.
Social Media is expected to access information and updates on the High-level Meeting using the hashtag, #Fin4Dev and #GlobalGoals.
Source: Businessdayng
