President Uhuru Kenyatta has emphasized the need for global solidarity in response to Covid-19 saying all stakeholders need to come together to overcome the challenges posed by the pandemic.
The President said Kenya is doing her best to not only slow down the spread of the virus in the country but to also support the region and the continent in dealing with the health crisis.
“At the national level, we are doing our best. Beyond our national commitments, at regional and global levels, we have contributed within regional inter-governmental, continental African Union efforts,” President Kenyatta said.
President Kenyatta spoke during a virtual high-level meeting on development financing in the wake of Covid-19 pandemic, convened by Canadian Prime Minister Justin Trudeau, his Jamaican counterpart Andrew Holness and the United Nations Secretary General António Guterres.
The Kenyan President told the meeting attended by a cross-section of world leaders including several Heads of State that the current health crisis will constrict global growth this year leading to financial market volatility and increased debt risk especially in developing countries.
“The economic and financial shocks associated with Covid-19 such as disruptions to industrial production and supply chains, falling commodity prices, financial market volatility and rising insecurity have derailed the already tepid economic growth and development,” the President said.
To address the socioeconomic challenges resulting from the Covid-19 pandemic, President Kenyatta said the global community needs to focus on the implementation of the United Nations Vision 2030 and the Sustainable Development Goals (SDGs).
Specifically, the Kenyan Head of State advised world leaders to concentrate on expansion of global liquidity, addressing debt vulnerability especially for developing nations and enhancement of external financing to ensure inclusive growth and continued job creation.
The Kenyan leader also proposed the expansion of the fiscal space and promotion of domestic resource mobilization by preventing illicit financial flows.
On private sector participation, President Kenyatta pitched for partnerships that help build indigenous local production and forestall the need for long supply chains.
In his capacity as the current President-in-Office of the Organization of the African, Caribbean and Pacific States (OACPS), President Kenyatta announced plans to host an extraordinary summit to deliberate on the effects of Covid-19 on the people and the economies of member countries.
Speaking on behalf of the African Union, South African President Cyril Ramaphosa said Covid-19 is a real threat to collective ability of the global community to achieve SDGs especially for developing countries.
The South African leader called for innovative approaches in the deployment of resources in support of private sector and the Small and Micro Enterprises (SMEs) which he termed as the engines for wealth and job creation.
In his closing remarks, UN Secretary General Guteress unveiled a 6-point road map he said would help the world overcome the effects of the Covid-19 pandemic.
Mr Guteress said expansion of liquidity in the global economy, addressing debt vulnerabilities of developing nations and the increased participation of private sector creditors will help provide timely and effective solutions.
Other measures advanced by the UN boss include enhanced financing for inclusive growth and job creation, expansion of the fiscal space and promotion of domestic resource mobilization as well as alignment of recovery policies with SDGs.
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