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G20 to Discuss Debt Service Suspension

G20 to Discuss Debt Service Suspension

Tuesday, 13 October, 2020 - 10:45
G20 Summit (File photo: G20)

The finance ministers and central bank governors of the G20 countries will hold a meeting on Wednesday under the presidency of Saudi Arabia to discuss recent developments.


The G20 ministers will discuss crucial issues concerning the global economy, including the global economic outlook in light of the COVID-19 pandemic, and the Debt Service Suspension Initiative (DSSI) offered to relief the world’s poorest countries


The Saudi Secretariat of G20 issued a statement indicating that the meeting will highlight the G20 action plan aimed at supporting the global economy during the coronavirus pandemic.


The countries will also debate the extension of the coronavirus debt service relief to 2021.


The meeting will be co-chaired by Saudi Arabia's Minister of Finance, Mohammed al-Jadaan, and governor of the Saudi Arabian Monetary Authority (SAMA) Ahmed al-Kholifey.


In mid-April, finance ministers and central bank governors approved the G20 Action Plan, which supports the global economy during the COVID-19 pandemic.


The finance ministers and central bank governors will discuss the G20 action plan to ensure that the group responds immediately to health and economic developments, and takes necessary steps to support efforts to restore strong, sustainable, balanced and inclusive economic growth.


In this regard, the G20 action plan aims to strengthen international financial support for the world’s poorest countries.


The officials will assess the progress made in the G20 Debt Service Suspension Initiative payments in which the total deferred debt from lenders to eligible countries may exceed $14 billion, which will enable those countries to redirect their resources to combat the pandemic.


The ministerial meeting will address the financial issues of the G20 represented in structuring supervisory and regulatory issues to keep with the digital age.


The October meeting of G20 finance ministers and central bank governors is usually held in Washington, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, but given the current circumstances, the meetings will be held virtually.


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