RIYADH | SAUDI ARABIA – Finance Officials from the Group of 20 major economies are poised to recommend extending a freeze in official bilateral debt payments by the world’s poorest countries, according to a source briefed on a virtual G20 meeting taking place Saturday.
Multiple sources said there was strong support for extending the Debt Service Suspension Initiative agreed in April into 2021, but the move would not be finalized until later in the year, when G20 leaders are due to meet.
World Bank chief economist Carmen Reinhart told reporters on Friday that the move was ‘highly probable’ since the novel coronavirus pandemic was more severe and taking longer to overcome than initially expected.
The debt standstill, which is due to expire at the end of 2020, has proven challenging to implement, with only 41 of 73 eligible countries expressing interest, while some official bilateral creditors like China have failed to participate fully.
The private sector has also failed to match the freeze thus far.
The initiative would save $12 billion in service payments on official bilateral debt through the end of year, but finance officials in developing countries say they will need far more help to weather the pandemic and its economic fallout.
Top international officials, industry leaders and civil society groups have called for extending the debt freeze – which is intended to let the poorest nations focus on fighting the pandemic, nor serving their debts – and expanding it to include other countries hit by the crisi.
More than 200 religious, labor, human rights, environmental and development groups signed a separate letter spearheaded by Jubilee USA Network that was sent to G20 leaders, the White House and the International Monetary Fund this week.
‘The G20 will make decisions this weekend that affect the survival of billions of vulnerable people confronting the pandemic’, said Eric LeCompte, the group’s executive director.
‘We need to mobilize a lot more resource for people to confront the crisis’.
The Saudi – led coalition fighting Houthi forces in Yemen said on Tuesday it had destroyed an explosive drone fired towards Khamis Mushait in the south of Saudi Arabia. A military spokesman for the Iran – aligned Houthi group then said they had fired a drone at and hit Abha International Airpot, which is near … More Saudi – Led Coalition Says It Intercepts Houthi Drone Fired At Southern Saudi Arabia
China’s President Xi Jinping told Saudi Arabia’s Crown Prince Mohammed bin Salman on Tuesday that Beijing was willing to push its strategic partnership with Riyadh ‘to a new level’, the official Chinese Xinhua news agency reported. In a phone call, the two leaders discussed boosting cooperation in energy, trade and technology, Xinhua added. China’s crude … More Saudi Arabia’s Crown Prince, China’s Xi Discuss Cooperation In Phone Call
Saudi Arabia’s King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman have donated a total of $7.9 million (SR 30 million) to charity through the Kingdom’s Ehsan Platform, the Saudi Press Agency (SPA) reported on Friday. King Salman donated $5.3 million (SR20 million) for charitable and non – profitable works, while the Crown Prince contributed … More Saudi Arabia’s King Salman, Crown Prince Donate Total of $7.9 Mln To Charity
King Salman on Thursday appointed Prince Mishaal bin Majed bin Abdulaziz Al Saud as adviser to the king, with the rank of minister, the Saudi Press Agency (SPA) reported. Prince Mishaal has been governor of Jeddah since 1997 and a member of the Allegiance Council since 2007. He is president of the governing council of … More Prince Mishaal Bin Majed Appointed Adviser To The King Salman
The Unites States on Thursday imposed a boar array of sanctions on Russia to punish it for election interference, cyber – hacking, bullying Ukraine and other ‘malign’ acts. The measures blacklisted Russian companies, expelled Russian diplomats and placed limits on the Russian sovereign debt market in steps sure to anger Moscow. Among the actions, President … More U.S. Imposes Wide Array Of Sanctions On Russia For ‘Malign’ Actions
Britain’s Queen Elizabeth return to royal duties on Tuesday, four days after the death of her husband, Prince Philip, in an event to mark the retirement of her household’s most senior official, PA Media reported. The queen hosted a ceremony as the Earl Peel stepped down as Lord Chamberlain, the report added. Philip, who has … More Queen Elizabeth Returns To Royal Duties Four Days After Her Husband’s Death – PM Media
The Arab coalition destroyed a Houthi explosive – laden drone launched toward Saudi Arabia on Wednesday, Al – Ekhbariya reported. The drone targeting Jazan is the latest in a long line of attacks against the Kingdom by the Iran – back Houthi militia. The coalition said the attack is a continuation of the Houthi’s systematic … More Arab Coalition Destroys Houthi Drone Targeting Saudi Arabia
Saudi Arabia’s King Abdulaziz Center for World Culture (Ithra) is celebrating the holy month of Ramadan with a wide selection of cultural events and interactive activities. Ithra is offering visitors a chance to take part in events focused on national traditions and Saudi Arabian heritage, as well as different interactive workshops. The centre’s Ramadan program also includes a collection … More Saudi Arabia’s Ithra Celebrates Ramadan With Cultural Events, Activities
Reuters News has name one of its top editors, Alessandra Galloni, as it its next editor-in-chief, the first woman to lead the global – spanning news agency in its 170-year history. A native of Rome, Galloni, 47, will replace Stephen J. Adler, who is retiring this month after leading the newsroom for the past decade. … More Reuters Names Alessandra Galloni As Its Next Editor – In – Chief
Prince Philip, the husband of Queen Elizabeth who played a leading figure in the British royal family for almost seven decades, has died aged 99, Buckingham Palace said on Friday. The Duke of Edniburgh, as he was been y his wife’s side through her 69-year reign, the longest in British history, during which time he … More Britain’s Prince Philip Has Died