G20 Remains Committed to Support Poorest Countries to Combat Covid-19

    Wahyu Dwi Anggoro - 15 Oktober 2020 12:59 WIB
    G20 Remains Committed to Support Poorest Countries to Combat Covid-19
    Illustration (Photo:Medcom.id/M Rizal)
    Jakarta: G20 member countries have remained committed to continue working together to support the poorest countries as they address health, social and economic challenges associated with the covid-19 pandemic. 

    "We remain committed to implementing the Debt Service Suspension Initiative (DSSI), allowing DSSI-eligible countries to suspend official bilateral debt service payments through end-2020," said the G20 finance ministers and central bank governors in a communique.

    The preliminary reporting from the fiscal monitoring framework by the International Monetary Fund (IMF) and the World Bank Group (WBG) highlighted that, together with exceptional financing, the DSSI is significantly facilitating higher pandemic-related spending. 

    In light of the continued liquidity pressure, while progressively addressing debt vulnerabilities, the G20 agreed to extend the DSSI by six months and to examine by the time of the 2021 IMF/WBG Spring Meetings if the economic and financial situation requires to extend further the DSSI by another six months. 

    "All official bilateral creditors should implement this initiative fully and in a transparent manner," they stated.

    "We will continue to closely coordinate its ongoing implementation to provide maximum support to DSSI-eligible countries," they stated.

    Given the scale of the covid-19 crisis, the significant debt vulnerabilities and deteriorating outlook in many low-income countries, G20 member countries recognize that debt treatments beyond the DSSI may be required on a case-by-case basis. 

    In this context, they agreed in principle on a “Common Framework for Debt Treatments beyond the DSSI”, which is also agreed by the Paris Club. 

    "We look forward to the endorsement of the Common Framework by members, subject to their domestic approval procedures," they stated.

    "To this end, we will convene, ahead of the Riyadh G20 Leaders’ Summit in November 2020, an extraordinary G20 Finance Ministers and Central Bank Governors meeting where we will publish the Common Framework and also discuss outstanding issues related to the DSSI," they stated.


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