G20 nations debate economic recovery

Riyadh - Finance ministers and directors of the central banks of the G20 (richest countries in the world) will debate today in a teleconference the economic recovery from the impact caused by the Covid-19.

One of the issues in the pipeline, according to spokesmen, is the extension of the moratorium on the debt of poor countries.

The online meeting will be chaired by Saudi Arabia, and it occurs a day after the International Monetary Fund (IMF) published its forecasts.

These IMF projections include the forecast of a 4.4 percent decline in the world economy for 2020, and the warning of an impact of the crisis for several years.

The top 20 economies in the world promised last April a suspension in 2020 of the debt commitments of poor countries, especially affected by the crisis, without foreseeing necessary aid due to the serious situation of those nations.

The World Bank (WB) and international organizations asked that this measure be extended into 2021 and even 2022.

The president of the World Bank, David Malpass, warned that the G20 countries could only extend this moratorium for an additional six months.

He argued that period because some of the major creditors are not involved in the effort to help nations with serious financial problems in the face of the pandemic.

At this time 46 of the 73 poorest countries asked to benefit from this initiative, the majority of these African.

The G20 is harshly criticized by non-governmental organizations and policy makers for not doing enough to tackle the difficulties of poor countries.

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