G20 set aside $ 7 trillion to tackle Corona

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The G20 allocated $ 1 trillion to the poorest countries

Source: Arabic.net

Saudi Finance Minister Mohammed Al-Jadaan said that the Group of 20 has allocated 7 trillion dollars to face the repercussions of Corona.

While he indicated that Saudi Arabia has a clear strategy to deal with the epidemic, he said: “We will overcome this crisis and get out more recoverable.”

The Saudi Finance Minister stated that financial assistance was provided to developing countries.

50 billion riyals to support the health sector

In his statements, the Saudi Minister of Finance stated, “We seek to overcome the crisis and achieve an economic recovery in the future, as the Corona epidemic has placed its weight on our peoples and economies.”

He stressed that “the Group of 20 is determined to address the repercussions of Corona.”

Al-Jadaan noted that the action plan includes initiatives including the IMF package.

In contrast, Al-Jadaan mentioned that the Kingdom has taken precautionary measures, including 50 billion riyals, to support the health sector.

A trillion dollars for the poorest countries

Meanwhile, Al-Jadaan revealed that the Group of 20 has allocated one trillion dollars to the poorest countries to face the epidemic.

Al-Jadaan’s statements came after the Group of Twenty agreed with the Paris Club on the basis of postponing the dues of the poorest countries, and invited private sector lenders to contribute to reducing the burdens of poor countries.

A temporary suspension of the dues of the poorest countries until the end of 2020

The G20, headed by Saudi Arabia, supported the temporary suspension of the dues of the poorest countries, and announced its support for the efforts of the International Monetary Fund to provide liquidity to countries in need.

Commenting on this, Al-Jadaan said that the Kingdom, as chair of the G2O, had submitted a debt-deferral plan and was approved by the G20.

Providing liquidity to support developing countries

“The G20 is working to provide liquidity to support developing countries,” he said.

This comes after Kristalina Georgieva, Director of the International Monetary Fund and David Malpas, President of the World Bank, on Wednesday praised a new agreement to ease the debt burden of the Group of Twenty, which includes the suspension of bilateral debt service payments for the poorest countries.

A source familiar with the meeting of the finance ministers and central bankers of the group’s countries said that the suspension of the debt service will take effect from May 1 to December 31, with the possibility of renewing it in 2021.

Georgieva said in a statement to the group meeting that the IMF is “urgently” seeking $ 18 billion in new resources for its growth and poverty reduction trust fund and explores how SDRs can be used to support this effort.







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