RIYADH, Oct 14 — G20 finance ministers and central bankers were holding talks today aimed at spurring global recovery from a coronavirus-triggered recession as they consider a proposal to extend debt relief for crisis-hit poor countries. The virtual talks, hosted by current G20 president Saudi...
The meeting, chaired by Saudi Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey, is meant to discuss updates to the ‘G20 Action Plan’ aimed at shoring up the global economy through the pandemic. — Reuters pic
“The recovery is uneven, highly uncertain and subject to elevated downside risks,” Jadaan said in his opening remarks. The World Bank and campaigners have called for the debt suspension initiative to be extended through the end of 2021, while charities such as Oxfam say it needs to be stretched through 2022.
“Of the 46 beneficiary countries, it has had very limited impact due to the failure of private and multilateral lenders to participate,” Eurodad said in a report that likened the initiative to “draining out the Titanic with a bucket”.
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