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."
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
The specs
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
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Barbie
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Power: 350hp @ 7,400rpm
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THE SPECS
Engine: 1.5-litre
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