Noon briefing by Stephane Dujarric, Spokesperson for the Secretary-General of the United Nations.
Highlights:
– COVID-19/Debt
– COVID-19/Secretary-General
– COVID-19/Food Security
– COVID-19/FAO/Africa
– COVID-19/UNICEF
– COVID-19/LGTBI People
– Libya
– COVID-19/Drc
– COVID-19/Indonesia
– Locust
– COVID-19/Nepal
– COVID-19/Panama
– Ukraine
– Damien Corrigan
COVID-19/DEBT
Today we released the Secretary-General’s policy brief on debt and COVID-19. It shows that the global pandemic-induced contraction in economic activity is having disastrous consequences, including on debt sustainability.
The brief outlines that this is not limited to low-income countries. Middle-income countries, home to 75 percent of the world’s population and 62 percent of the world’s poor, are also highly vulnerable to a debt crisis, lost market access and capital outflows.
While in the best-case scenario, recovery in developed countries’ economies may start by the end of 2020 and reverberate to developing countries, it is also possible that this may be the start of the worst economic downturn since the Great Depression.
Apart from dealing with the immediate pandemic, additional resources will also be needed to stimulate demand, regenerate jobs and restore supply capacity to pre-crisis levels, let alone to achieve the Sustainable Development Goals.
COVID-19/SECRETARY-GENERAL
Also today, at the World Bank/IMF virtual Spring Meetings, the Secretary-General addressed the high-level event on ‘Mobilizing with Africa.”
In his remarks, he underscored that during this crisis the African Union and the African continent have shown unity and leadership – two of the most scarce commodities at the present time.
The Secretary-General warned that, as with the climate crisis, the African continent could end up suffering the most from a crisis that is not of its making.
The Secretary-General added that to help address the devastating economic and social consequences, he has been asking since the beginning for a comprehensive global response package amounting to a double-digit percentage of global Gross Domestic Product.
He pointed out that alleviating crushing debt is absolutely crucial and welcomed G20 steps, including the suspension of debt service payments for all IDA countries and Least Developed Countries.
For the Secretary-General, that’s a start. But the severity of the crisis demands more.
Guterres also emphasized the need to focus on the most vulnerable and to ensure that the rights of all people are protected.
His remarks, as well as the policy brief have been shared with you.
Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=17%20April%202020
