Left Menu
Development News Edition

U.N. chief to push G20 to extend, expand debt service suspension

Reuters | Updated: 13-11-2020 00:45 IST | Created: 13-11-2020 00:32 IST
U.N. chief to push G20 to extend, expand debt service suspension
Representative Image Image Credit: Wikipedia

U.N. Secretary-General Antonio Guterres will next week push the leaders of the Group of 20 rich nations and big emerging powers to further extend and expand debt service suspension to help developing and middle-income economies recover from the coronavirus pandemic.

Guterres, addressing a virtual annual ministerial meeting of the Group of 77 developing countries plus China, said on Thursday "many developing countries are suffering from severe liquidity crises related to skyrocketing debt" and the scope of the G20 Debt Service Suspension Initiative "must be expanded to all developing and middle-income countries that are in need." He also said he would continue to advocate for more resources to be given to the International Monetary Fund "to be put at the disposal of developing countries, through the allocation of Special Drawing Rights (SDR) and a voluntary reallocation of existing Special Drawing Rights."

IMF chief Kristalina Georgieva first proposed a general allocation of new SDRs, a move that could boost members' currency reserves by hundreds of billions of dollars, at the start of the pandemic, but Washington has blocked the move. The IMF last did this during the 2009 financial crisis when President-elect Joe Biden, a Democrat, was vice president, and some member countries hope he will be more open to doing so again this time.

Guterres is also pushing for $35 billion to fund a global COVID-19 vaccine plan, known as the Access to COVID-19 Tools (ACT) Accelerator and its COVAX facility, which is led by the World Health Organization and the GAVI vaccine alliance. It aims to deliver 2 billion vaccine doses by the end of 2021, 245 million treatments and 500 million coronavirus tests.

"This has not been a good year for multilateralism and international cooperation," Guterres said. "The world has not seen the unity and solidarity needed ... I hope will be the year in which we reverse these trends." The G20 leaders' summit is due to be held virtually on Nov. 21-22.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Migsun creates record, clocks Rs. 421 Cr. sale in 72 hrs in a part of 103 acres development

Noida Uttar Pradesh India, January 19 ANINewsVoir Migsun Group, one of the names in Delhi NCR real estate to reckon with, has announced that it has sold a total of 138 villas and retail shops in the project that it recently acquired from Ro...

Man killed as country-made gun goes off

A 37-year-old man was killedwhen a country-made gun went off while his friend was loadingit, police said on Tuesday.Ayyasami, a professional tree-cutter, along with sixothers, had gone to the forest area near here on Monday forhunting with ...

Doctors cast doubt on S.Korea's coronavirus herd immunity goal

Medical experts say the South Korea governent is not taking the steps necessary to achieve its goal of reaching herd immunity to the coronavirus through mass vaccinations by November.They say the government has failed to secure enough vacci...

Sindhu, Srikanth make impressive starts, Sameer stuns world no. 10 Lee at Thailand Open

P V Sindhu and Kidambi Srikanth notched up straight-game wins, while Sameer Verma shocked world no. 10 Lee Zii Jia as Indian shuttlers made impressive starts at the Toyota Thailand Open Super 1000 tournament here on Tuesday.A week after bei...

Give Feedback