G-20 finance ministers agree framework to help COVID-affected countries pursue debt restructuring and forgiveness

PA: G-20 agrees on framework for additional debt relief amid COVID-19
“The Group of 20 nations, representing the world’s largest economies, announced on Friday that low-income countries hardest hit by the fallout from the coronavirus pandemic could potentially get an extension of their debt repayments beyond mid-2021, and in the most serious cases, debt forgiveness…” (Debré, 11/13).

Devex: G20 releases details of debt framework
“The G-20 group of major economies agreed on a debt framework to help countries pursue debt restructuring or cancellation, building on its debt service suspension initiative and recognizing that some countries may need additional relief, according to a communicated released after an extraordinary meeting of G-20 finance ministers and central bank governors on Friday. The framework, which is also accepted by the Paris Club – the informal group of official creditors who coordinate solutions for debtor countries that have payment difficulties – is intended to “facilitate the prompt and orderly treatment of the debt of eligible countries to the DSSI, with large creditors”. participation including the private sector,” according to the statement…” (Saldinger, 11/16).

The Watcher/Guardian: Global poverty rises as wealthy nations go into debt amid Covid, warns Gordon Brown
“It’s called the ‘great reversal’. After decades of progress, the international goal of eradicating extreme poverty by 2030 is under threat, Gordon Brown has warned, as developing countries battling coronavirus sacrifice their health and education systems to pay Western and Chinese creditors. … [T]he ability of many developing countries to fight Covid-19 is severely limited by their debts. With little financial support from the IMF and World Bank, some governments face a stark choice between repaying creditors or funding essential public services…” (Doward, 11/15).

The KFF Global Health Policy Daily Report summarizes global health policy news and information from hundreds of sources, from May 2009 to December 2020. All summaries are archived and available via search.

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