G-20 committed to support vulnerable countries beyond a temporary foreign debt freeze

G-20 committed to support vulnerable countries beyond a temporary foreign debt freeze
G-20 committed to support vulnerable countries beyond a temporary foreign debt freeze
Saturday, November 21st 2020 – 09:04 UTC
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Bringing the pandemic under control is the key to supporting a global economic recovery, the G-20 leaders said in the draft
World Bank President David Malpass told G20 finance officials some countries may need legislative changes to push private sector creditors to get involved

The Group of 20 (G-20) nations are determined to continue doing everything possible to contain the Covid-19 pandemic, warning in a draft communiqué that the global economic recovery remains “uneven, highly uncertain, and subject to elevated downside risks”.

Bringing the pandemic under control is the key to supporting a global economic recovery, the G-20 leaders said in the draft. A final joint statement will be released by leaders from the United States, China and other Group of 20 nations after they meet by video conference on Saturday.

In the draft, the leaders noted that the coronavirus crisis had hit the most vulnerable in society hardest, and said some countries may need debt relief beyond a temporary freeze in official debt payments that ends in June 2021.

It said G-20 leaders would revisit whether to extend the moratorium, the Debt Service Suspension Initiative (DSSI), for another six months in the spring of 2021, and endorsed a common framework to deal with debt issues that is also backed by the Paris Club of official creditors.

“We are determined to continue to use all available policy tools as long as required to safeguard people’s lives, jobs and incomes, support the global economic recovery and enhance the resilience of the financial system, while safeguarding against downside risks,” the statement said.…

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