Le Matin – Debt of poor countries: The G20 extends the...

The G20 decision was taken at a virtual meeting chaired by Saudi Arabia. Countries that have applied for this option will not have to repay their debts until June 30. Ph: AFP

The G20 announced Wednesday, during a virtual meeting chaired by Saudi Arabia, a six-month extension until June 30 of the moratorium on the debt of the poorest countries hard hit by the Covid-19 pandemic.

“The finance ministers and central bank governors of the G20 have agreed to extend the initiative to suspend the debt service of the most vulnerable countries by six months to support their fight against the Covid-19 pandemic”, announced the group on Twitter.

Saudi Finance Minister Mohammed Al-Jaadan confirmed the decision in a virtual press conference after the meeting.

In its final statement, the meeting clarified that the extension runs until June 30 and could be extended until the end of 2021 at a meeting next spring of the International Monetary Fund (IMF) and the World Bank.

The world’s 20 largest economies had promised in April a suspension for 2020 of the debt service of poor countries, particularly affected by the health crisis.

The World Bank, international organizations and activists have called for this measure to be extended into 2021, and even into 2022 for the NGO Oxfam.

To date, 46 of the 73 poorest countries have applied to benefit from this initiative, most of them in Africa.

But the initiative only covered “1.66%” of debt payments from poor countries this year, lamented the European Network on Debt and Development (Eurodad), according to which “it had an impact very limited due to the reluctance of private and multilateral lenders to participate ”.

Source link by https://lematin.ma/express/2020/g20-prolonge-six-mois-moratoire/346044.html

*The article has been translated based on the content of Source link by https://lematin.ma/express/2020/g20-prolonge-six-mois-moratoire/346044.html
. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!

These were the details of the news Le Matin – Debt of poor countries: The G20 extends the... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at en24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Dutch election winner Wilders willing to consider more Ukraine aid