The G20 decides to suspend the debt of the poorest countries to help them cope with the health and economic repercussions of the Corona epidemic

0
75

Posted in: Last updated:

Finance ministers and central bank governors in the Group of Twenty countries reached an agreement on Wednesday to suspend the temporary debt service to the poorest countries to help them face the health and economic repercussions of the Corona epidemic that affected more than two million people around the world. This decision was announced by a statement issued by the meeting at the conclusion of a video conference.

Finance ministers and central bank governors in the Group of Twenty agreed on Wednesday to temporarily suspend debt service to the poorest countries to help them Addressing the health and economic consequences of the Corona epidemic, In a statement they issued after a video conference organized by Saudi Arabia.

“We agreed on a coordinated approach with a common timetable that includes the most prominent advantages of this initiative … which was also approved by the Paris Club,” the G20 representatives said, explaining that “all bilateral official donors will participate in this initiative.”

The statement urged private donors to participate in the initiative.

On Tuesday, the Group of Seven backed a similar move To help the poorest countries To address the health and economic ramifications of the Covid-19 pandemic, but the requirement for G20 approval is required.

The need to support the global economy

“We are determined not to make any effort to protect lives,” Saudi Finance Minister Mohammed Al-Jadaan told a video conference.

He stressed that in this unprecedented stage, it is necessary to provide the largest possible support to the global economy and ensure the financial system is resilient. “We must continue and strengthen our efforts,” he added.

So far, governments have spent thousands of billions of dollars to contain the impact of the virus, which is paralyzing entire sectors of the global economy.

The Covid-19 epidemic has infected more than two million people in the world.

The statement urged private donors to participate in the initiative.

France 24 / AFP