G20, Saudı, Debt, Africa, Banks (Trbc Level 4), Debt / Fixed Income Markets, G20, National Government Debt, Middle East, Saudi Arabia

G20, Saudı

G20 to extend debt relief to mid-2021, pushes private sector to help

G20 to extend debt relief to mid-2021, pushes private sector to help

11/22/2020 10:10:00 PM

G20 to extend debt relief to mid-2021, pushes private sector to help

Leaders of the world's 20 biggest economies on Sunday endorsed a plan to extend a freeze in official debt service payments by the poorest countries to mid-2021 and backed a common approach for dealing with their debt problems.

3 Min ReadDUBAI/WASHINGTON (Reuters) - Leaders of the world’s 20 biggest economies on Sunday endorsed a plan to extend a freeze in official debt service payments by the poorest countries to mid-2021 and backed a common approach for dealing with their debt problems.

'Racist dog whistle' underpins Trump attack on election results: Ifill Jaime Harrison launches new PAC to help Dems Tony Hsieh, former Zappos CEO and 'tremendous visionary,' dies at 46

FILE PHOTO: Projection of a"Family Photo" for the annual G20 Leaders' Summit onto Salwa Palace in At-Turaif, one of Saudi Arabia's UNESCO World Heritage sites, in Diriyah, Saudi Arabia, November 20, 2020. REUTERS/Nael Shyoukhi/File Photo

In a joint statement, Group of 20 leaders also strongly encouraged private creditors to take part in the initiative on comparable terms and said they were keeping an eye on the special challenges facing African and small island states.The G20 debt relief initiative - launched shortly after the start of the pandemic in the spring - has helped 46 of 73 eligible countries defer $5.7 billion in 2020 debt service payments, freeing up funds for countries to fight the pandemic and shore up their economies.

But lack of private-sector participation and countries’ concerns about marring future access to capital markets have limited the success of the debt freeze, which was initially projected to generate some $12 billion in extra liquidity.Some big creditor countries, including China, also failed to include all state-owned institutions, such as the China Development Bank, in responding to requests for debt relief.

The COVID-19 crisis has exacerbated concerns about high debt levels affecting not just low-income countries, but some middle-income states as well.International Monetary Fund Managing Director Kristalina Georgieva called for prompt and effective implementation of the debt treatment framework to provide permanent debt relief to the poorest countries, but said other countries also needed help.

“Going forward, we must also help those countries not covered by the framework to address debt vulnerabilities so that their economies can become more resilient,” Georgieva said in a statement after addressing G20 leaders.Eric LeCompte, a U.N. adviser and executive director of Jubilee USA Network, said the new framework would push the private sector to get involved because it made G20 debt relief contingent on countries asking for similar treatment from private creditors, but offered no guarantees.

He said the G20 initiative also left out countries that needed urgent help.“Six of the 12 countries with the highest COVID death rates are middle-income countries, which remain outside the scope of the G20 debt process,” he said.The United States has said it is open to expanding the framework to include middle-income countries and small island states, but U.S. officials said that view was not currently shared by all G20 members.

Iran's supreme leader vows revenge over slain scientist Iran's president vows revenge over slain military scientist Biden's win means some Guantanamo prisoners may be released

Reporting By Davide Barbuscia in Dubai and Andrea Shalal in Washington; Editing by Kevin Liffey Read more: Reuters Top News »

Five Reasons You Wouldn't Want to Live Near a Black Hole – Exoplanet Exploration: Planets Beyond our Solar System

TheRevelationsofDaniel 'And in the days of these kings shall YHWH ELOHIM of heaven set up kingdom that shall never be destroyed.Instead, it shall break in pieces, the good, silver, brass, iron & Clay and shall become a Great Mountain. YHWH shall dwell in Mt. Zion. G-20 consumed. TheRevelationsofDaniel YHWH said 'they shall not cleave one to another, as iron & Clay do not mix.' Clay kingdoms: Russia, Clay, Brazil, India, South Africa(BRICS) oppose Western domination, seek own currency. Meanwhile, Iron: EU, USA, Canada, Australia dominate global kingdom.

TheRevelationsofDaniel Iron kingdoms are the 10:Western, industrialized, capitalistic descendants of Roman Empire Miry Clay are 10: anti-Western, socialist, Islamic, Third World kingdoms that oppose Roman domination. Iron & Clay attempt to cleave together as one to rule world. TheRevelationsofDaniel These are the 10 partly Iron & 10 partly Miry Clay kingdoms that are feet & toes of the image Daniel interpreted for King Nebuchadnezzar. Global empire represent'the latter-days' of Satanic Heathen Dominion. THE STONE CUT OUT WITHOUT HANDS-rulership next.

Any British Debt Relief Shoud Be Deducted From The Foreign Aid Budget!