WORLD G20 commits to Debt Service Suspension Initiative in close coordination

WORLD

G20 commits to Debt Service Suspension Initiative in close coordination

Xinhua

22:54, November 13, 2020

RIYADH, Nov. 13, (Xinhua) -- Finance ministers and central bank governors of the Group of 20 (G20) pledged on Friday to commit to the Debt Service Suspension Initiative (DSSI) in close coordination.

File photo: CGTN

The G20 officials made the pledge during an extraordinary meeting, where they also said the debt treatments beyond the DSSI may be required on a case-by-case basis given the current COVID-19 crisis, according to a statement by the Saudi G20 presidency.

While discussing the common framework for the developing world's debt, they said maximum support would be provided for DSSI-eligible countries.

According to Saudi officials, this common framework will be an unprecedented agreement and a major breakthrough in international debt agenda.

In April, the DSSI was launched by the G20 to address the immediate liquidity needs of low-income countries. In the light of the financial fallout of the COVID-19 crisis, the DSSI was extended in October by six more months.


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