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G20 leaders approve extension of freeze of external debts payments for poor countries

Source : 112 Ukraine

The action plan will span the period until mid-2021
13:15, 23 November 2020

Bundesregirung

Leaders of G20 member countries have approved the plan of the extension of the freeze of official payments that service the external debts of the world's poorest countries until the middle of 2021. Reuters reported that with a reference to the G20 statement.

The politicians also urged private creditors to join the initiative on the fair conditions.

“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,” said Kristalina Georgieva, the IMF Managing Director. She urged the government for the effective introduction of the system of debt procession of the poorest countries; however, she added that other countries need such assistance, too.

Related: Russia to join G20 official debt service suspension initiative

UN adviser and executive director of Jubilee USA Network Eric LeCompte stated that the G20 initiative does not concern the countries that need urgent financial aid. “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.

Related: G20 leaders pledge to ensure fair distribution of Covid-19 vaccines

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