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UN urges action to address economic devastation caused by COVID-19

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 UN Secretary General Antonio Guterres on Tuesday urged the international community to address the economic devastation caused by the coronavirus pandemic or risk reversing years of development Guterres said this at the event on financing for development in the era of COVID 19 and beyond hosted remotely by the UN Canada and Jamaica Unless we take action now we face a global recession that could wipe out decades of development Guterres said He said the response has not kept pace with the pandemic since the first meeting on the topic in May with more than 50 heads of state and government One million people have died the world is suffering the greatest economic contraction since World War II and the risk of famine looms in several countries he said Guterres said nations had reacted with a fiscal response of more than 11 5 trillion dollars globally But just 2 5 per cent of this global fiscal stimulus is accounted for by developing and emerging economies which have the greatest need least resources and weakest capacities for addressing the crisis he said At the meeting world leaders considered a menu of policy options developed during the last four months to address the crisis and recovery Guterres called for countries to fund the World Health Organisation s initiative to speed up the development of Covid 19 vaccines therapeutics and diagnostics He also urged leaders to extend debt relief to all developing and middle income countries in need and to pay special attention to Africa s development financing needs Edited By Fatima Sule Hadiza Mohammed Aliyu Source NAN
UN urges action to address economic devastation caused by COVID-19

General Antonio Guterres

UN Secretary General Antonio Guterres on Tuesday urged the international community to address the economic devastation caused by the coronavirus pandemic, or risk reversing years of development.

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Guterres said this at the event on financing for development in the era of COVID-19 and beyond, hosted remotely by the UN, Canada and Jamaica.

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“Unless we take action now, we face a global recession that could wipe out decades of development,’’ Guterres  said.

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He said the “response has not kept pace” with the pandemic since the first meeting on the topic in May, with more than 50 heads of state and government.

One million people have died, the world is suffering the greatest economic contraction since World War II, and “the risk of famine looms” in several countries, he said.

Guterres said nations had reacted with a fiscal response of more than 11.5 trillion dollars globally.

“But just 2.5 per cent of this global fiscal stimulus is accounted for by developing and emerging economies, which have the greatest need, least resources and weakest capacities for addressing the crisis,” he said.

At the meeting, world leaders considered a menu of policy options developed during the last four months to address the crisis and recovery.

Guterres called for countries to fund the World Health Organisation’s initiative to speed up the development of Covid-19 vaccines, therapeutics and diagnostics.

He also urged leaders to extend debt relief to all developing and middle-income countries in need, and to pay special attention to Africa’s development financing needs.


Edited By: Fatima Sule/Hadiza Mohammed-Aliyu
Source: NAN

 

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Fatima Sule

NNN is an online Nigerian news portal that publishes breaking news in Nigeria and the world.Contacti: editor @ nnn.ng. Disclaimer.