UNCTAD Globalization and Development Strategies Director Richard Kozul-Wright says Sub-Saharan African countries will be among the hardest hit alongside others including Pakistan and Argentina,”.
GENEVA: (UrduPoint/Pakistan Point News-March 31st, 2020) The United Nations Conference on Trade and Development (UNCTAD) warned that Pakistan would be the hardest-hit by the global pandemic of Coronavirus among many other developing countries.
UNCTAD Globalization and Development Strategies Director Richard Kozul-Wright said: “Sub-Saharan African countries will be among the hardest hit alongside others including Pakistan and Argentina,”.
He said Coronavirus would cause financing deficit of around $2-$3 trillion over this year and next. He also mentioned mounting debts, a potential deflationary spiral and a major health crisis as major factors for the upcoming factors.
He asked the world leaders and economists to take measures to work out to control damaging in coming days.
Kozul Wright also discussed the role of G20 countries for their role against Coronavirus, saying that they announced to pump more than $5trillion into the global economy to limit job and income losses from the Coronavirus besides pledging to do more work to overcome the pandemic.
“Of course, there will be commensurate action for the six billion people living outside the core G20 economies if the leaders of G20 are to stick to their commitment of a global response,” he further stated. He also said that
Oxfam—the British charity firm—also asked for a package of around $160 billion in immediate debt cancellation and aid to fund a Global Public Health Plan and Emergency Response to help save lives in hard-hit poor countries. It gave five-point plan to fight against Coronavirus including investment in prevention, 10 million new health workers, free healthcare and government requisition of all private.
