COVID-19 has exposed the glaring inequalities that exist in our world. If we are to build resilience to future crises, we need to make long-term structural changes that will require courage and leadership from G20 countries. The flawed priorities of the rich and powerful have led us to a state of global emergency. G20 countries must break with the past by investing in people and human rights, leading the way to a just, sustainable and inclusive recovery.
“The G20 should cancel the debt owed by the world’s poorest countries for at least the next two years, freeing up resources for countries to respond to the COVID-19 pandemic”.Alfred Yambo
The poorest 77 countries will spend nearly $85 billion in debt repayments in 2020 and 2021. About 40% of this is owed to rich countries, and the remainder to international institutions and private lenders. There are at least 64 poor countries spending more on debt repayments than on public healthcare. This is very sad and must change immediately!
Let us be sensitive to each other.