The G20 will extend debt relief for the world's poorest countries as policymakers from the biggest economies continue to adopt measures to help the global economy recover from the pandemic.
The group will review the need to further extend the Debt Service Suspension Initiative beyond these six months at the World Bank and International Monetary Fund spring meetings next year, Saudi Finance Minister Mohammed Al-Jadaan said.
Mr Al-Jadaan was speaking late on Wednesday after a meeting of the Group of 20 major economies' finance ministers and central bank governors.
"Given the scale of the Covid-19 crisis, the significant debt vulnerabilities and deteriorating outlook in many low-income countries, we recognise that debt treatments beyond the DSSI may be required on a case-by-case basis," the G20 said after the meeting.
"In this context, we agreed in principle on a 'common framework for debt treatments beyond the DSSI', which is also agreed by the Paris Club."
Mr Al-Jadaan and Saudi Arabia’s central bank governor, Ahmed Al Kholifey, chaired the talks on Wednesday.
The kingdom, the biggest Arab economy, holds the rotating presidency of the G20.
In April, the G20 agreed to a time-bound suspension of debt repayments to help poor countries ride out the pandemic.
The initiative will benefit 73 members of the International Development Association on a debt service plan with the IMF and the World Bank, and the least developed nations as defined by the UN.
Mr Al-Jadaan said 46 countries had already benefitted from this initiative.
Meanwhile, World Bank president David Malpass called for $25 billion in emergency financing for poor countries and debt relief to help them survive.
Although Mr Al-Jadaan did not specify whether the G20 would provide more monetary aid to poor countries, he said it would look to provide more support if needed.
"While DSSI deals with liquidity issues, common framework deals with solvency issues with the aim of addressing debt vulnerabilities on a case-by-case basis," he said.
"We know DSSI is a breakthrough and a much needed liquidity to these economies to redirect these resources to their people and communities to deal with the pandemic."
The group is convening another meeting of finance ministers in November to assess how best to complement the DSSI, Mr Al-Jadaan said.
The coronavirus pandemic, which grounded flights and disrupted supply chains, has tipped the global economy into the deepest recession since the Great Depression.
This week, the IMF said the world economy would contract by 4.4 per cent this year, slightly better than the 4.9 per cent contraction the fund projected in June.
Emerging market and developing countries without the fiscal and monetary resources of advanced economies are expected to record a big decline in economic output this year and in 2021.
Mena economies are projected to shrink by an average of 5 per cent this year and expand by 3.2 per cent next year.
"The Saudi economy is contracting like any other economy," Mr Al Kholifey said.
"It contracted 1 per cent in the first quarter and 7 per cent in the second quarter.
"The peak of the crisis was the second quarter and we are hoping [the next quarter] is going to be less severe. We see some positive numbers."
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
More coverage from the Future Forum
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Five%20calorie-packed%20Ramadan%20drinks
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
COMPANY%20PROFILE
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You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The%20Genius%20of%20Their%20Age
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
RIVER%20SPIRIT
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UAE currency: the story behind the money in your pockets
