-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photos
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In-Depth
-
Weekend
-
Newsmaker
-
Lifestyle
-
Diversions
-
Movies
-
Hotels and Food
-
Special Report
-
Yes Teens!
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Qianhai
-
Advertorial
-
CHTF Special
-
Futian Today
在线翻译:
szdaily -> World Economy -> 
G20 determined to use all tools to support recovery
    2020-11-23  08:53    Shenzhen Daily

G20 nations are determined to continue doing everything possible to contain the COVID-19 pandemic, warning in a draft communique that the global economic recovery remains “uneven, highly uncertain, and subject to elevated downside risks.”

Bringing the pandemic under control is the key to supporting a global economic recovery, the G20 leaders said.

In the draft, the leaders noted the coronavirus crisis had hit the most vulnerable in society hardest, and said some countries may need debt relief beyond a temporary moratorium on official debt payments now slated to end in June 2021.

G20 leaders said they would decide next spring whether to extend the freeze, the Debt Service Suspension Initiative, for another six months, and endorsed a common framework for debt restructuring hammered out with the Paris Club of official creditors.

“We are determined to continue to use all available policy tools as long as required to safeguard people’s lives, jobs and incomes, support the global economic recovery and enhance the resilence of the financial system, while safeguarding against downside risks,” the statement said.

The draft said both borrowers and creditors should be more transparent about official and private debt, and urged private sector creditors to take part in the G20 debt relief effort.

World Bank President David Malpass told G20 finance officials Friday some countries may need legislative changes to push private sector creditors to get involved. “Given the severity of the crisis, we must move forward now with debt relief processes,” he said.

Malpass said he was pleased by progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

“Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger and more lasting recovery,” Malpass told G20 leaders during a videoconference meeting.

The draft communique also expressed support for a push by the International Monetary Fund to explore additional tools to address countries’ needs as the crisis evolved, and to address the “particular challenges faced by small developing states.”

That could be good news for certain middle-income countries that have been hit hard by the pandemic, a collapse in tourism, and in some cases, lower commodity prices.

The U.S. Treasury Department last week said it was open to extending the G20 common framework to include middle-income countries and small island states, but that view was not shared by all G20 members.

(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010-2020, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@126.com