The International Monetary Fund and the World Bank called on the Group of 20 leading economies to extend its debt suspension initiative to help poorer countries cope with the economic fallout of the coronavirus pandemic.
World Bank president David Malpass said on Saturday that the situation in developing countries “is increasingly desperate” due to the current situation.
“Time is short," Mr Malpass said. "We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency.”
The International Monetary Fund also called on the G20 to extend the initiative, named as the Debt Service Suspension Initiative.
“We need to unite to help the poorest and most vulnerable economies, especially those struggling with high debt or dependent on hard-hit sectors,” Kristalina Georgieva, managing director of the IMF said.
“The G20’s Debt Service Suspension Initiative has been commendable and I hope that consideration will be given to extending it. In addition, to make it even more effective, greater private sector participation, and greater debt transparency, should be strongly promoted."
The comments came after finance ministers and central bank governors from the world's 20 leading economies met virtually on Saturday to discuss the global economic outlook and co-ordinate collective action for a robust and sustained global economic recovery.
The meeting was held under the presidency of Saudi Arabia and was chaired by the country’s finance minister Mohammed Aljadaan and Dr Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority.
“The G20 finance ministers and central bank governors committed to a globally co-ordinated response encompassing all necessary measures to combat the Covid-19 pandemic and lay the foundations for a swift recovery while enhancing resilience against future shocks,” a statement from G20 secretariat said ahead of the meeting.
In April, G20 agreed on an action plan to strengthen international financial assistance for countries in need, especially for the poorest countries. This included the debt suspension initiative to provide over $14 billion (Dh51.41bn) in relief to the poorest nations, enabling them to redirect resources to fight the pandemic.
The latest G20 meeting came as the global economy struggles with the effects of Covid-19, which has claimed the lives of almost 600,000 people globally and infected 14 million, according to Johns Hopkins University, which tracks the outbreak.
The IMF estimates the global economy will shrink 4.9 per cent this year, pushing it into the deepest recession since the Great Depression before a sluggish recovery in 2021. The fund projects a cumulative loss to the global economy of more than $12 trillion in 2020 and 2021 as a fallout from the pandemic.
Globally, two thirds of governments have pumped about $11tn into their economies to stabilise financial markets, support smaller businesses and protect jobs.
Economic activity is slowly picking up as most economies around the world open up, however, the rate of infection is still on the rise in parts of North America, Africa and Asia.
Meanwhile, a top official from the UAE's Ministry of Finance stressed the need to provide an integrated programme to monitor infrastructure financing and bring effective solutions to address the emergency financing needs, particularly for developing countries.
“The world is facing unparalleled fiscal and monetary policy issues, so it is important at this unprecedented time of crisis for the UAE to participate and contribute to the global response,” Younis Haji Al Khoori, undersecretary of the Ministry of Finance said.
Mr Al Khoori made the comments after participating in the fourth meeting of the G20 finance and central bank deputies which was held remotely on July 16 and 17.
Last month, the G20’s International Financial Architecture working group said 41 countries, including 26 African nations, had applied for relief under the initiative. The IMF said poor nations may need additional assistance, including through the G20 programme.
Read more about the coronavirus
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
More on Quran memorisation:
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
THURSDAY FIXTURES
4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)
UAE currency: the story behind the money in your pockets
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
UAE currency: the story behind the money in your pockets
RESULTS
%3Cp%3E%0D5pm%3A%20Al%20Bateen%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%0D%3Cbr%3EWinner%3A%20Ma%E2%80%99Aly%20Al%20Shahania%2C%20Bernardo%20Pinheiro%20(jockey)%2C%20Mohamed%20Daggash%20(trainer)%0D%3Cbr%3E5.30pm%3A%20Al%20Khaleej%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20AF%20Rami%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20Bant%20Al%20Emarat%2C%20Bernardo%20Pinheiro%2C%20Qaiss%20Aboud%0D%3Cbr%3E6.30pm%3A%20Al%20Nahyan%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3EWinner%3A%20AF%20Rasam%2C%20Marcelino%20Rodrigues%2C%20Ernst%20Oertel%0D%3Cbr%3E7pm%3A%20Al%20Karamah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3EWinner%3A%20Zafaranah%2C%20Bernardo%20Pinheiro%2C%20Musabah%20Al%20Muhairi%0D%3Cbr%3E7.30pm%3A%20Al%20Salam%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20Nibras%20Passion%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ismail%20Mohammed%3C%2Fp%3E%0A
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
