The COVID-19 pandemic has affected nations and economies throughout the world and many underdeveloped nations are suffering the aftermaths.
Yoshimasa Hayashi, Foreign Minister of Japan, in cooperation with African nations, has reportedly pledged to boost the post COVID era development, where China’s clout has been developing, after closing two-day virtual meet with the African counterpart.
Hayashi stated that Japan, along with representatives from across 50 African nations, shared the necessity of fair and transparent development financing amid concerns about Beijing’s dept trap wherein Chinese investment countries are burdened with huge loans they can’t repay.
Reportedly, Japanese Foreign Ministry claims that the virtual meeting has been organized to put up the stage for the eighth Tokyo International Conference on African Development (TICAD) scheduled for August.
Commenting on the Japanese initiative to support development in Africa, Yoshimasa mentioned that since after the seventh TICAD conference held in 2019, the foremost challenge affecting Africa has been the COVID-19 pandemic.
Yoshimasa added that while emphasizing on the quality of growth, they will persist to support development in Africa and their comprehension of the United Nations sustainable development missions.
As per sources, the coronavirus has significantly affected the African society and economy, creating the need for support from the worldwide community.
Moreover, Russia’s invasion of Ukraine is further mounting the pressure on the African nations by disrupting food and energy supplies which require closer cooperation as per the Japanese Ministry.
Hayashi, under such tough economic crisis, has expressed his readiness to back up African nations that wish to free themselves from the debt trap.
He commented that Japan will work along with international organizations to form an environment where developing nations, particularly in Africa do not have to depend on such financing.
Hayashi quoted that such financing practices should be barred from prevailing and destabilizing the developing economies in need of financial resources.