Saudi Arabia supports the initiative to reduce the debt burden of some countries to face the repercussions of “Corona”

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RIYADH – Mubasher: The Deputy Permanent Representative of the Kingdom of Saudi Arabia to the United Nations, Khalid bin Muhammad Manzalawi, said that the Kingdom, as the current Chairman of the Group of Twenty, supports initiatives to temporarily suspend debt payments to the poorest and most needy countries in the world; To ease their burden during the struggle against the Corona pandemic.

Manzlawi added, according to the Saudi Press Agency, “SPA”, that the Kingdom of Saudi Arabia calls on all countries and NGOs to cooperate with each other to reach a global initiative to alleviate the debt burden of developing countries affected by this pandemic.

The Deputy Permanent Representative of the Kingdom of Saudi Arabia to the United Nations, Khalid bin Muhammad Manzalawi, participated in the meeting of the group of friends called by the Permanent Representative of the Republic of Pakistan to the United Nations, Ambassador Munir Akram, on Monday evening in order to discuss a global initiative to reduce the debt burden on countries under a pandemic. Corona, in response to a proposal by Pakistani Prime Minister Imran Khan.

This is what was confirmed by the final statement of the meeting of finance ministers and central bank governors, which was held hypothetically in the middle of last month, to help the needy countries use all tools and to the maximum extent possible within the framework of implementing a coordinated global response, indicating that the statement supported increased adoption in response Strong financial and rapid implementation to help the country in need and maintain global financial stability and durability.

This financial response includes providing a comprehensive support package from the International Monetary Fund, the urgent application of the support proposed by the World Bank Group and multilateral development banks, which amounts to more than $ 200 billion, and addressing the debt-related weaknesses in low-income countries as a result of the pandemic -19, and enhance coordination between international organizations to maximize the impact of support and increase the utilization of resources.

He explained that the G20 countries agreed to suspend the debt service payments for a specific period of time for the poorest countries that request a deadline, in addition to agreeing on a coordinated approach in a joint document of terms and conditions containing the main features of the debt service suspension initiative, which was also agreed by the Paris Club, benefiting that he would participate All official bilateral creditors of this initiative, in line with their national regulations and internal procedures.

The meeting was attended by the head of the Economic Committee of the Kingdom’s delegation, First Secretary Bandar bin Mahdi Al-Nahdi.

On March 26, 2020, Egyptian President Abdel Fattah El-Sisi presented an initiative to the G-20 countries to study debt relief for African countries, in light of the inevitable repercussions of the corona virus crisis on the economies of the black continent.

A report dated April 13 stated that the Group of Twenty countries is planning to provide a moratorium on the payment of bilateral government loans to low-income countries, as part of a plan of action aimed at facing the Corona pandemic and avoiding a debt crisis in emerging markets.

The Saudi Minister of State and Member of the Council of Ministers, Al-Sharba, said to the Group of Twenty, Fahd bin Abdullah Al Mubarak, that the Kingdom is working within the Group of Twenty with the aim of creating a global initiative on preparing for epidemics and responding to them more quickly and effectively in the future.

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