Global Policy Forum

By Ikechukwu Eze

President Olusegun Obasanjo, Tuesday, challenged the international community to urgently address the question of external debt which he said was hampering development in most African countries. Obasanjo who spoke at the 58th session of the United Nations General Assembly in New York also welcomed UN's decision to deploy peace keepers to Liberia.

Speaking on the continent's debt burden, President Obasanjo said: "Other areas which we hope the international community will address with determination include the problem of external debt. This continues to be a major obstacle to the development of my country and many other African countries. It is evident that the various initiatives by the international community on debt relief and debt management have neither been able to address nor solve the problems. While appreciating the efforts by the international community in the Heavily Indebted Poor Countries (HIPC) initiatives, we must observe that these have not provided adequate responses and solutions to their problems, let alone to those of heavily indebted middle-income countries like Nigeria, for whom no special debt relief mechanism exists, as it was successfully established, for instance, for countries in Eastern and Central Europe.

"Nigeria, therefore, believes that bolder steps must be taken to resolve the heavy debt burden, that for a large number of countries, has become unsustainable and a hindrance to development. I am afraid that we have no effective mechanism in place to tackle this problem. Neither the Bretton Woods institutions nor the Paris and London Clubs alone, can provide lasting solution and relief. l, therefore, believe that this issue is of such significance for the peace and development of a large portion of the world community, that we need to create a mechanism within the United Nations to address the problem in its full scope and based on the principle of joint responsibility of debtors and creditors alike."

The president further tasked the international community over the continent's stolen funds currently being held in foreign bank accounts, urging a speedy action on enabling instrument for the repatriation of such funds. His words: "We welcome the on-going negotiations for a legally binding instrument on the repatriation of illicitly acquired funds stashed away in foreign countries. We call for early conclusion of the Convention on this issue. This convention is expected to make more resources available for development and show concretely the global commitment to eradicating large scale corruption, which is at the origin of the funds. In this connection, I must say that the experience of my country has been of lukewarm cooperation by most countries where our looted funds have been traced."Our partners of the great banking nations should recognise that it is contradictory to condemn corruption on the one hand, and on the-other, hinder us in the recovery of the plundered funds. For us and our economic and social reform programme, the funds to be recovered can make a huge difference in meeting our national objectives. I earnestly appeal through this forum for maximum cooperation in repatriating the looted funds. I will like to take this opportunity to thank those countries that havematched their words with actions in the way they have assisted us in the looted fund repatriation exercise."

Obasanjo said further he was pleased by last week's UN Security Council decision to deploy peacekeepers to war-torn Liberia but took a shot at the world body for taking so long to act. He advised that the peacekeepers that the council authorised on Friday should build on the work being done now by the Nigerian-led Liberia operation mounted by the Economic Community of West African States (ECOWAS). And, he called for the international community to give more support to regional groupings like ECOWAS if more continued to be asked of them in stemming crises. "The ECOWAS decision ... to deploy troops into Liberia, in the face of obvious hesitation by the international community and in spite of the strain on our resources was indicative of our determination to show that we will not stand by wringing our hands when these catastrophic events occur in our neighborhood," he said. "We are highly relieved that our forward deployment of troops and the initiative to remove the former Liberian president from the scene had such immediate calming effect which hopefully will be further reinforced by the deployment of the United Nations peacekeeping force," Obasanjo said.

"Nigeria appreciates the decision of the United Nations Security Council to authorise a multi-sectoral peacekeeping mission to continue the achievement of the ECOWAS initiative," he said. Nigeria took the lead on Liberia earlier this year when the country's civil war worsened and then the consequent departure of former president Charles Taylor to Nigeria in exile. Obasanjo said that if the United Nations wanted more from region peace keeping groupings, the international community should be prepared to boost their assistance. "If regional organizations are to play the lead role, which the United Nations increasingly demands, the international community cannot escape its own responsibility to do more to strengthen their requisite capacities," he said. The Security Council on September 19 unanimously adopted Resolution 1509 which sets up UNMIL, the United Nations Mission in Liberia for 12 months. The peacekeepers, to include 250 military observers and 1,eeing the demobilization and disarmament of the rebels. The force will also protect UN personnel and civilians facing threats of violence when possible.

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