The G20 will consider extending debt relief for the world's poorest countries as policymakers from the biggest economies continue to take “exceptional measures” to expedite a global economic recovery.
The group has made progress on the current Debt Service Suspension Initiative, which runs until the end of this year.
So far, 42 countries have asked for assistance under the scheme, resulting in the deferral of about $5.3 billion (Dh19.46bn) in debt repayments, the group said in a communique on Saturday after an online meeting of G20 finance ministers and central bank governors.
“We will consider a possible extension of the DSSI in the second half of 2020, taking into account the development of the Covid-19 pandemic situation,” the group said.
Saudi Arabia’s finance minister Mohammed Al-Jadaan and central bank governor Ahmed Al Kholifey chaired the talks. The kingdom, the biggest Arab economy, holds the rotating presidency of the G20.
The group is expected to receive a report in October from the International Monetary Fund and the World Bank Group on the liquidity needs of countries eligible for debt relief. This is expected to help the policymakers decide on the next steps.
However, there is need for “further progress and [the G20] strongly encourages private creditors to participate in the DSSI on comparable terms when requested by eligible countries”, it said.
G20 nations agreed to a time-bound suspension of debt repayments in April to help poor nations strengthen their healthcare infrastructure and deal with the economic effects of the pandemic.
The initiative stands to benefit 73 members of the International Development Association on a debt service plan with the IMF and the World Bank, as well as the least developed nations as defined by the United Nations.
Official creditors could provide about $14bn in immediate and critical liquidity relief, the World Bank said earlier this year.
The IMF and World Bank on Saturday urged the group to extend the programme, citing the “increasingly desperate” situation of the countries in need of help.
“Time is short,” World Bank president David Malpass said. “We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency.”
The world economy is facing its deepest recession since the Great Depression as the pandemic continues to spread. The virus has killed about 603,000 people worldwide and infected more than 14.3 million others, according to Johns Hopkins University.
Although most economies have begun to reopen, the rate of infection is still increasing in parts of North America, Africa and Asia. The IMF projects that the global economy will shrink 4.9 per cent this year before making a sluggish recovery in 2021.
The fund expects the world economy to suffer a cumulative loss of more than $12 trillion (Dh44.1tn) during this year and 2021.
Two thirds of governments have poured about $11tn (Dh40.4tn) into their economies to bring stability to financial markets, support smaller businesses and protect jobs.
The G20 said on Saturday that while the outlook remained uncertain with “elevated downside risks”, economic activity is expected to recover as countries ease their movement restrictions.
“We are determined to continue to use all available policy tools to safeguard people’s lives, jobs and incomes, support global economic recovery and enhance the resilience of the financial system, while safeguarding against downside risks,” the group’s communique said.
“Fiscal and monetary policies will continue operating in a complementary way for as long as required.”
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
The candidates
Dr Ayham Ammora, scientist and business executive
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Tony Booth, professor of education
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Dr Mohamed El-Erian, economist
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Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Courtesy: Crystal Intelligence
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
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• Fungi account for roughly 90% of Earth's unknown biodiversity
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8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
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Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
