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BRUSSELS / WASHINGTON (REUTERS) – The nations of the Group of 20 (G-20) are determined to continue to do everything possible to contain the Covid-19 pandemic, warning in a draft statement that the global economic recovery remains ” uneven, highly uncertain and subject to high downside risks. “
Getting the pandemic under control is the key to supporting a global economic recovery, G-20 leaders said in the draft, excerpts from which were obtained by Reuters.
The leaders of the United States, China and other nations of the Group of 20 will issue a final joint statement after they meet by video conference on Saturday (November 20).
In the draft, the leaders noted that the coronavirus crisis had hit the most vulnerable in society hardest and said some countries may need debt relief beyond a temporary freeze on official debt payments that ends in June 2021.
He said G-20 leaders would review the possibility of extending the moratorium, the Debt Service Suspension Initiative (DSSI), for another six months in spring 2021, and endorsed a common framework to address debt problems. debt that is also backed by the Official Creditors Club Agreement.
“We are determined to continue to use all available policy tools for as long as necessary to safeguard people’s lives, jobs and incomes, support the global economic recovery and improve the resilience of the financial system, while protecting ourselves against risks. down, “the statement said.
Transparency
The draft underscored the importance of borrowers and creditors in expanding transparency on official and private debt, and urged private sector creditors to participate in the G-20 debt relief effort on a comparable basis.
They also expressed support for a push by the International Monetary Fund to explore additional tools to address the needs of countries as the crisis evolves, and to address the “particular challenges facing small developing states.”
There was no specific mention of a new allocation of special drawing rights from the IMF, a move similar to that of a central bank that prints money, which has so far been blocked by the United States, the IMF’s largest shareholder.
US President-elect Joe Biden, a Democrat, is likely to take a more cooperative global stance after he takes office on January 20, economists say.
Biden is expected to re-include the United States in the Paris climate treaty and reverse outgoing President Donald Trump’s threats to resign from the World Health Organization.
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