G20 Finance Ministers and Central Bank Governors reaffirmed, on Friday 26 February, their support for the most vulnerable countries heavily affected by the impact of the economic crisis resulting from the Covid-19 pandemic, especially those facing an unsustainable debt burden.
Their agreement concerns, for the time being, effective implementation of the G20 Common Framework for Debt Treatment and of the G20/Paris Club Debt Service Suspension Initiative (DSSI) which the Europeans want to see extended after June 2021.
The G20 ‘Finance’ also called on the international financial institutions to explore additional tools to meet global long-term financing and reserve needs (see EUROPE 12659/7). The IMF is thus expected to formulate a proposal for a general Special Drawing Rights (SDR) allocation.
They all considered it a priority to give every country equitable access to safe vaccines, diagnostics and treatments for Covid-19.
The next meetings of the IMF, the World Bank and the G20 Finance Ministers are scheduled for early April.
See the statement by ministers and central bankers: http://bit.ly/3dYlpHE (Original version in French by Aminata Niang)