RIYADH: Group of 20 (G20) nations will consider extending debt relief for coronavirus-hit poor countries in the second half of 2020, the group’s finance ministers and central bankers said Saturday after talks aimed at spurring global economic recovery. The 20 most industrialized nations announced a one-year debt standstill for the world’s poorest nations in April, but campaigners have criticized the measure as grossly inadequate to stave off the knock-on effects of the pandemic. Saturday’s talks, chaired by Saudi Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey, came as the surging pandemic continues to batter the global economy and campaigners warn of a looming debt crisis across poverty-wracked developing nations. Amnesty International also called on G20 nations to “cancel the debt owed by the poorest countries for at least the next two years.”“Covid-19 has exposed the glaring inequalities that exist in our world,” said Julie Verhaar, Amnesty’s acting secretary-general. “If we are to build resilience to future crises, we need to make long-term structural changes that will require courage and leadership from G20 countries.”

Source: Manila Times July 19, 2020 17:55 UTC