Chakwera debuts UN platform, asks IMF and World Bank to cancel debts for poor countries like Malawi

September 24, 2020 Paul Chamdimba NKhoma - Nyasa Times 7 Comments
Preident Lazarus Chakwera has called on International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) to consider ultimate debt cancellation and an extension of the debt moratorium to poor nations.

Chakwera: Chairs the Least Developed Countries
Chakwera made the remark on Thursday during his debut address to the 75th United Nations (UN) General Assembly currently in progress.
In his virtual address Chakwera said cancelling the debts to poor nations will help Least Developed Countries (LDCs) recover from this devastating pandemic sustainably.
He titled his address as ‘The Future We Want, The United Nations We Need: Reaffirming our Collective Commitment to Multilateralism– Confronting Covid-19 through Effective Multilateral Action.’
As the current sitting president of LDCs, Chakwera also touched on international, appealing for deliberate measures to ease supply chain disruptions.
“As you are aware, Malawi and many LDCs have large informal sectors, which play crucial roles in domestic resource mobilization through remittances and small-scale economic production,” he said.
Further, the Malawi leader welcomed efforts to reduce transaction costs on remittances and implementation of rescue and turnaround packages for small scale enterprises.
Chakwera, then, affirmed the commitment for Malawi to host the postponed Africa Regional Review Meeting of the LDCs planned for 2021.
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