COVID-19: WTO, IMF Warn Against Trade Restrictions
As Nigeria records 92 new cases
The World Trade Organisation (WTO) and the International Monetary Fund (IMF) have warned against trade restrictions, particularly on export of medical supplies and food, adding that this could be counter-productive under the current coronavirus pandemic.
The two organizations in a joint statement said they also felt concerned over the decline on trade financing required to boost food and medical imports for countries.
According to them, such restrictions could affect supply chains, production and cause scarcity in critical products as well as affect workers.
WTO and IMF were referring to countries that have so far introduced export restrictions following the COVID-19 pandemic.
IMF Managing Director, Kristalina Georgieva, and WTO Director-General, Roberto Azevêdo, while reacting to the development called on governments to ensure that they do not stop export trade such as medical supplies and food.
They also called on countries that had last year introduced such restrictions to lift them as urgently as possible.
Part of the statement reads, “What makes sense in an isolated emergency can be severely damaging in a global crisis. Such measures disrupt supply chains, depress production, and misdirect scarce, critical products, and workers away from where they are most needed. Other governments counter with their own restrictions.
“The result is to prolong and exacerbate the health and economic crisis — with the most serious effects likely on the poorer and more vulnerable countries.
“To ramp up the production of medical supplies, it is essential to build on existing cross-border production and distribution networks.
“What makes sense in an isolated emergency can be severely damaging in a global crisis. Such measures disrupt supply chains, depress production, and misdirect scarce, critical products, and workers away from where they are most needed.
“The result is to prolong and exacerbate the health and economic crises — with the most serious effects likely on the poorer and more vulnerable countries.”
Meanwhile Nigeria has recorded 92 new cases of COVID019 as at Sunday, April 26.
The new cases bring the total cases to 1273.
The Nigeria Centre for Disease Control (NCDC) late Sunday night said in its twitter handle said, “On the 26th of April 2020, 92 new confirmed cases and five new deaths were recorded in Nigeria.
“Four new states (Ebonyi, Bayelsa, Kebbi and Taraba) have reported confirmed cases in the last 24 hours.
“Till date, 1273 cases have been confirmed, 239 cases have been discharged and 40 deaths have been recorded in 32 states and the Federal Capital Territory.
“The 91 new cases are reported from sixteen states- Lagos (43), Sokoto (8), Taraba (6), Gombe (5), Ondo (3), FCT (3), Edo (3), Oyo (3), Rivers (3), Bauchi (3), Osun (2), Akwa Ibom (1), Bayelsa (1), Ebonyi (1), Kebbi (1).”
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