Saudi Arabia’s Minister of Finance Mohammed al-Jadaan said at a virtual IMF and G20 high-level forum held Wednesday that the economic fallout caused by COVID-19 has thrown the world into its greatest recession for nearly a century.
Jadaan stressed the importance of collective work to support the global economy during and after this phase and called for countries around the world to join efforts to face the economic downturn caused by the pandemic.
“The G20 finance ministers and central bank governors endorse the G20 action plan commitments which include launching the debt service suspension initiative for the benefit of the poorest countries to avail them of better liquidity resources. To date the total benefited amount to Arab countries is around $500 million,” al-Jadaan added.
In April, the World Bank’s Development Committee and the G20 Finance Ministers, under Saudi Arabia’s presidency in 2020, endorsed the Debt Service Suspension Initiative (DSSI) in response to a call to grant debt-service suspension to the poorest countries to help them manage the severe impact of the virus outbreak.
“The COVID-19 pandemic disproportionate effect on vulnerable groups has reinforced the need to enhance access to opportunity for all, including in the Arab region,” the minister added.