BUSINESS | G20 Finance Officials Poised To Recommend Extension Of Debt Freeze

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’.


BREAKING NEWS | Trump Says Beirut Explosion Seems To Be ‘Bomb Of Some King’

MILAN | ITALY – President Donald Trump on Tuesday cast a massive explosion that killed dozens of people and wounded thousands in Lebanon’s capital, Beirut, as a possible attack and offered U.S. help. ‘The United States ready to assist Lebanon’, Trump said at a White House briefing. ‘We will be there to help. It looks … Continue reading BREAKING NEWS | Trump Says Beirut Explosion Seems To Be ‘Bomb Of Some King’

BREAKING NEWS | Trump Says U.S. Ready To Assist Lebanon After ‘Terrible Attack’

MILAN | ITALY – President Donald Trump on Tuesday said he sent his sympathies to Lebanon for the dozens of people killed and thousands wounded in a massive explosion in Beirut, which he cast as an attack, and offered U.S. help. ‘The United States stands ready to assist Lebanon’, Trump said at a White House … Continue reading BREAKING NEWS | Trump Says U.S. Ready To Assist Lebanon After ‘Terrible Attack’

BREAKING NEWS | U.K. PM Johnson Offers Support To Beirut After Massive Blast

LONDON – Prime Minister Boris Johnson said Britain stood ready to provide any support it could to help Beirut after a massive explosion in the city’s port area killed 25 people and injured more than 2,500. ‘The pictures and videos from Beirut  tonight are shocking’, Johnson wrote on Twitter. ‘All of my thoughts and prayer … Continue reading BREAKING NEWS | U.K. PM Johnson Offers Support To Beirut After Massive Blast

BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands

BEIRUT | LEBANON – A huge explosion in port warehouses near central Beirut Killed more than 50 people, injured over 2,750 and sent shockwaves that shattered windows, smashed masonry and shook the ground across the Lebanese capital. Officials expected the death toll to rise further after Tuesday’s blast as emergency workers dug through rubble to … Continue reading BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands

BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA

RIYADH  | SAUDI ARABIA – Saudi Arabia’s foreign ministry said on Tuesday that is it following with great concern the consequences of Beirut’s port explosion, according to the state news agency. The statement also affirmed the kingdom’s full support and solidarity with the Lebanese people. The death toll from a massive explosion in Beirut  on … Continue reading BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA

TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad

AMMAN – Jordan on Tuesday postponed a resumption of international flight services that was planned for Wednesday almost five months after they were suspended due to the coronavirus outbreak, officials said. Civil Aviation Commission chief Haitham Mistro has announced last month that Queen Alia International Airport outside the capital Amman would reopen on Aug.5 for … Continue reading TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad

SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby

RIYADH | SAUDI ARABIA – The most popular rivalry in the Saudi Pro League (SPL) will take center stage as Al-Nassr host Al-Hilal on Wednesday, with safety precautions to allow the safe return of football in the Kingdom. The eagerness for football’s return will be highlighted when players arrive fully kitted at King Fahd Stadium, … Continue reading SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby

ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations

MADRID – Spain’s former king Juan Carlos has told his son, King Felipe, that he is leaving the country, the Royal House said on Monday, in a dramatic move designed to protect the monarchy after corruption allegations against him surfaced. In June, the Spanish Supreme Court opened an investigation into Juan Carlos’s involvement in a … Continue reading ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations

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