G20 urged to postpone debt reimbursement
Date
3/24/2021 8:01:48 AM
(MENAFN)African finance ministers have urged the G20 nations to suspend debt repayment for low- and middle-income nations.
The call was made in a communique issued on late Tuesday, following the 53rd session of the Conference of African Ministers of Finance under the auspices of the United Nations Economic Commission for Africa.
The communiqué revealed that “With no end to the pandemic in sight, extending the duration of the DSSI [Debt Service Suspension Initiative] at least to the end of 2021, and possibly to the end of 2022 […] and expanding its scope to address the liquidity needs of middle-income countries is vital to pre-empt the larger threat of insolvency, particularly for countries with market access and relatively strong fundamentals.”
It added, “A swift, bold and positive response on special drawing rights (SDRs) in the range of 500 billion to 650 billion [dollars] is now needed to arrest the devastating impact of this externally induced crisis on the continent. We thank the G7 Finance Ministers for instructing the IMF to take further action in this regard on 19 March 2021 and urge all partners to support the G7’s position on SDRs.”
MENAFN24032021000045011136ID1101803446
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.