• Mon. Oct 11th, 2021

G-20 agrees on increased debt relief for developing countries

ByTina R. Wimmer

Mar 11, 2021


Economy

Tokyo, November 13 (Jiji Press) – Finance ministers and central bank chiefs of the Group of 20 advanced and emerging economies agreed in a video conference on Friday on additional debt relief measures external payments owed by developing countries.

Amid the novel coronavirus pandemic, G-20 members are working to extend debt repayment deadlines for financially vulnerable developing countries.

With the resurgence of the virus crisis on a global scale, the G-20 countries have agreed to partially or fully exempt debtor countries from repaying principal and interest on debts they owe to the private sector, as well as than in the public sector.

From Japan, Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda participated in the online meeting.

“This is a historic agreement,” Aso said at a press conference after the meeting. The biggest achievement is that the deal includes financial institutions affiliated with the government, Aso said, noting that China has so far refused to disclose data on loans from these lenders based on its claim that it these are private sector organizations.

[Copyright The Jiji Press, Ltd.]

Jiji Press



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *