The G20 meets to discuss economic recovery and debt of poor countries

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The G20 meets to discuss economic recovery and debt of poor countries




The Saudi Trade Minister chairs a virtual meeting of his G20 counterparts to discuss how to strengthen their sector in the face of the coronavirus crisis, on September 22, 2020 in Riyadh


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The Saudi Trade Minister chairs a virtual meeting of his G20 counterparts to discuss how to strengthen their sector in the face of the coronavirus crisis, on September 22, 2020 in Riyadh


The finance ministers and heads of the central banks of the G20 meet on Wednesday to discuss the economic recovery after the crisis caused by the pandemic and the extension of the moratorium on the debt of poor countries.

The meeting, which will be telematic and chaired by Saudi Arabia, comes a day after the International Monetary Fund (IMF) published its forecasts, in which it announced a 4.4% decline in the world economy for 2020 and warned that the repercussions of the crisis will last for several years.

The world’s top 20 economies promised in April a suspension in 2020 of the debt commitments of poor countries, especially affected by the crisis.

The World Bank, international organizations and militants called for this measure to be extended into 2021 and even 2022.

World Bank President David Malpass warned on Monday that G20 countries could only extend this moratorium for an additional six months because “some of the major creditors are not participating” in the effort to help nations facing serious financial problems. facing the pandemic, citing China and other private creditors as an example.

At this time, 46 of the 73 poorest countries asked to benefit from this initiative, most of them African.

The G20 has been harshly criticized by NGOs and policy makers for not doing enough in the face of difficulties in poor countries.

This meeting coincides with a worrying progression of the pandemic, which causes, among other things, a reduction in business activity and an increase in unemployment.

burs-ac / mdz / on / plh / bl / zm

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