Business

G20 endorses extended mechanism of aid to low-income countries

Nov 14, 2020

Moscow (Russia) Nov 14: Member-states of the Group of Twenty (G20) approved a supplement to the Debt Service Suspension Initiative for low-income countries.
"Given the scale of the COVID-19 crisis, the significant debt vulnerabilities and deteriorating outlook in many low-income countries, we recognize that debt treatments beyond the Debt Service Suspension Initiative (DSSI) may be required on a case-by-case basis. In this context, we endorse the "Common Framework for Debt Treatments beyond the DSSI" (Annex I), which is also endorsed by the Paris Club," the press release after the Extraordinary G20 Finance Ministers and Central Bank Governors' Meeting says.
"We remain committed to implementing the DSSI, in close coordination, to provide maximum support to DSSI-eligible countries. All official bilateral creditors should implement this initiative fully and in a transparent manner," the statement says.
G20 countries also agreed to consider extension of the mechanism for six months in spring 2021 if the economic and the financial situation so requires.
Source: TASS