FILE - Saudi Finance Minister Mohammed al-Jadaan speaks during a news conference on Dec 9, 2019. The G20, announced Friday that low-income countries hardest hit by the fallout of the COVID-19 pandemic could potentially get an extension on their debt payments beyond mid-2021, and in the most severe cases, a debt write-off.
The group’s new “case-by-case approach” to debt negotiations unveiled Friday, also endorsed by the Paris Club, a group of mostly Western sovereign lenders, requires “fair burden sharing" among all official creditors - suggesting that China and its disparate lending agencies will have to get on board. It asks that private creditors offer debt treatment “at least as favorable” as that offered by creditor countries.
The group also announced Friday that it would reconvene next spring to see “if the economic and financial situation requires" an extension of the debt suspension by another six months. A repayment timetable of 5 to 6 years may be offered to eligible countries that make requests to individual creditors.
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