The 2009 London G20 meeting on the global financial crisis, however, demonstrated the value of early and coordinated action to limit the damage to the global economy, maintain trade and support emerging markets. The next wave of the Covid-19 crisis will occur in the developing world. Given its magnitude, emerging-market debt threatens the stability of a global financial system dependent on strong central bank support. Third, it would be a tragedy and a travesty if stepped-up global financial support for developing countries ended up helping those countries’ creditors rather than their citizens. SYSTEMIC APPROACHNational debts incurred before the crisis must be at the top of the international financial agenda.

Source: Daily Nation April 16, 2020 19:52 UTC