Saudi Minister of Commerce Majid al-Qasabi chairs a virtual G20 finance ministers' meeting in September. RIYADH: G20 finance ministers and central bankers are set to hold talks on Wednesday aimed at spurring global recovery from a coronavirus-triggered recession while considering a proposal to extend debt relief for crisis-hit poor countries.
The group will also discuss"the progress made on the G20 Debt Service Suspension Initiative and its proposed extension into 2021," the statement added. The World Bank and campaigners have called for the debt suspension initiative to be extended through the end of 2021, while charities such as Oxfam say it needs to be stretched through 2022.But World Bank President David Malpass on Monday warned G20 countries may only approve a six-month debt relief extension because"not all of the creditors are participating fully" to help poor nations weather the health crisis.
The DSSI has received 46 applications from eligible countries across the world, most of them from Africa, the G20 said last month.But global campaigners have criticised the group for doing little to help poor countries stave off the knock-on effects of the pandemic.The talks, chaired by Saudi Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey, come as the surging health crisis continues to batter the global economy and triggers unemployment on a massive scale.
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