This archive report was first published on 16 June 2020.
June 16, 2020 - The Organization of the African, Caribbean and Pacific States (OACPS) has identified the growing debt burden and existing economic sanctions among its members as challenges that are aggravating the negative effects of the Covid-19 pandemic.
During a virtual summit convened by President Uhuru Kenyatta, the leaders welcomed debt relief measures but called for more interventions, including debt cancelation.
President Kenyatta noted that the debt of many OACP countries continues to rise, with close to half of low-income and least developed countries in debt distress or at high risk of external debt distress.
Global leaders challenged global lending institutions to consider debt cancelation for the most vulnerable countries and supported the debt moratorium issued by multilateral lenders.
They also called for the international community to lift sanctions to enable African nations to apply their resources in mitigating the socioeconomic effects of the pandemic.
The meeting, attended by OACPS development partners, expressed dissatisfaction with the European Union's recent decision to list some of its members as high-risk nations for money laundering and terrorism financing.
President Kenyatta emphasized the need for diversified partnerships and public-private partnerships to alleviate the health and socioeconomic disruptions caused by Covid-19.
