LETTER: This is apropos a Business Recorder news item "EU agrees landmark 750-bn-euro virus 'Marshall Plan'" carried by the newspaper yesterday. According to it, "EU leaders emerged from a marathon four-day and four-night summit Tuesday to celebrate what they boasted was a historic rescue plan for economies left shattered by the coronavirus epidemic. The 750-billion-euro ($858-billion) deal was sealed after intense negotiations."
That the EU has taken one of the most appropriate steps in the midst of coronavirus outbreak to help revive continent's economy is a fact. This decision brings to mind the Marshall Plan, also known as the European Recovery Plan, launched by the US following the devastation of the World War II. The developed world is, however, required to lend a helping hand to developing countries to help them tide over this unprecedent challenge. Announcing suspension period of debt relief is no big favour. Writing off debts of these countries is the real answer to free up their resources for the Covid-19-related challenges.
Copyright Business Recorder, 2020
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