re posted from AFRICA AND THE WORLD
Ethiopian PM Abiy Ahmed: Debt Cancellation for the World to Survive
May 1, 2020
Ethiopian Prime Minister, Abiy Ahmed, has made an audacious salient call for debt cancellation for low income countries. It was published in the Opinion section of the April 30, New York Times, Why the Global Debt of Poor Nations Must Be Canceled, (printed in full below). PM Abiy is correct, debt cancellation is absolutely necessary to save lives and for developing nations to survive the COVID-19 pandemic. To compel a nation like Ethiopia to spend almost half of its revenue on debt service, while its people are suffering from a perfect storm of Desert Locust swarms, food insufficiency, and a weak healthcare infrastructure, is immoral if not criminal. PM Abiy wrote:
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Ethiopian & Nigerian Leaders Want Debt Cancellation; UNGA President: Infrastructure for Food and Health
Human life in Africa is threatened more by the COVID-19 pandemic than any other continent due to the appalling living conditions for the majority of the population. During lock-down conditions, millions of Africans are faced with the choice of trying to just subsist day by day working in the informal economy to make enough money to feed one’s family or stay home and go hungry. However, the informal economy itself is part of the problem, since it no health insurance, no unemployment insurance, and income is precarious at best. The very existence of the informal economy is a malignancy on the economy that should have been eliminated decades ago.
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