President Muhammadu Buhari has expressed that the COVID-19 pandemic has deepened the debt profile of poor countries.
He added that poor countries now allocate more resources to service external debts at the expense of basic amenities.
Buhari said this on Tuesday while speaking at the Future Investment Initiative Summit in Riyadh, Saudi Arabia
President Buhari argued that nations cannot invest in humanity without relieving poor countries of their debt burden.
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“We cannot invest in humanity without relieving our countries from the crushing effects of the debt burden especially when the COVID-19 pandemic has increased the risk of deepening the debt portfolio of poor countries,” he added.
“These nations increasingly allocate more and more resources towards external debt servicing and repayment at the expense of the health, education and other services that contribute to the overall well-being of their population.”